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Market view: Nifty faces resistance at 10,350 levels

Trading calls and market view by Vaishali Parekh of Prabhudas Lilladher

Vaishali Parekh  |  Mumbai 

Market view: Nifty faces resistance at 10,350 levels

NIFTY VIEW

The trend of all periodicities are in green for Nifty, market once again sees participation from many sectors, as we are approaching the expiry of October future contracts. The support for the day is seen at 10240 while resistance is seen at 10350.

BUY INDIA CEMENTS     CMP : 189.95        TARGET : 215       STOP LOSS : 177

The stock has been in consolidation phase for some time at around 180 – 183 levels and now it has given a breakout that level and is regaining strength and has potential to rise from here on to scale the level of 215 and above. The RSI has shown a trend reversal recently and has signaled a buy in this stock. The stock has maintained above the 200 DMA and is showing a positive bias to gain further. We recommend a buy in this stock for an upside target of 215 keeping a stop loss of 177.

BUY JP ASSOCIATES       CMP : 20.20       TARGET : 23      STOP LOSS : 18.50

The stock has been in a consolidation period for some time and now has produced a positive candle pattern in the daily chart which signifies strength and with the RSI showing a strong trend reversal, we anticipate further gain in the stock to rise to 23-24 levels in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 23 keeping a stop loss of 18.50.

BUY  NAVKAR CORP      CMP : 197.65       TARGET : 220      STOP LOSS : 188

The stock has recently made a double bottom formation in the daily chart and has recovered significantly to give a breakout above the previous peak level of 202. The stock has now got potential to carry on with this rally to scale the level of 220 and further higher with strength. We recommend a buy in this stock for an upside target of 220 keeping a stop loss of 188.
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Note: All prices in Rs. 

The author is a senior analyst for technical research at Prabhudas Lilladher. 

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Thu, October 26 2017. 07:55 IST
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