ALSO READNifty outlook and top stock recos by Prabhudas Lilladher Nifty outlook and top trading ideas by Prabhudas Lilladher for today Nifty outlook and top trading ideas by Prabhudas Lilladher for today Nifty outlook and trading ideas from Prabhudas Lilladher for today's trade Nifty outlook and top stock recos by Prabhudas Lilladher for today's trade
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW The ongoing rise still continues to be a bounce back rally with daily and weekly trend still down and no indicator still suggests that market has bottomed out, however many stocks have come to retest their crucial support levels, hence it still is a wait & watch scenario. A positive sentiment confirmation can come only if a decisive break above 10780 levels is achieved. The support for the day is seen at 10520 while the resistance would be at 10630 levels. BUY JINDAL STEEL CMP: Rs 266.30 TARGET: Rs 295 STOP LOSS: Rs 250 The stock has indicate a higher bottom formation pattern in the daily chart and has given a positive candle signifying great strength and potential to rise further in the coming days. The RSI has shown a trend reversal signaling a buy and thus maintained the positive bias.
With good volume activity witnessed, we recommend a buy in this stock for an upside target of 295 keeping a stop loss of 250. BUY KPIT TECH CMP: Rs 221.15 TARGET: Rs 240 STOP LOSS: Rs 210 The stock has recently made a double bottom formation in the daily chart and thereafter a strong recovery has made the stock to give a breakout above the previous high of 223 levels and looks promising for the coming days. The indicators are favourable with the RSI on the rise and indicating a positive bias for more further upward move. With good volume participation seen, we recommend a buy in this stock for an upside target of 240 keeping a stop loss of 210. BUY ASHOKA BUILDCON CMP: Rs 238.35 TARGET: Rs 265 STOP LOSS: Rs 220 The stock has made a bottom formation at around 206 levels which is also where the 200 DMA lies and has given a strong recovery to regain strength and now with positive candle pattern in the daily chart, the chart looks attractive for still further upward thrust. The RSI has given a steep rise from the low of oversold zone and indicated a positive bias. With active participation witnessed, we recommend a buy in this stock for an upside target of 265 keeping a stop loss of 220. Disclaimer: The analyst may have positions in any or all the stocks mentioned above