ALSO READNifty outlook and trading ideas from Prabhudas Lilladher for today's trade The support for Nifty50 for the week is seen at 9,670: Prabhudas Lilladher Nifty outlook and technical calls from Prabhudas Lilladher Market check: Top technical calls from Prabhudas Lilladher Stock recos from Prabhudas Lilladher: Buy L&T, Bajaj Auto & Bank of India
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW: Nifty after a short consolidation phase has indicated a positive trigger with the RSI showing a trend reversal and also the daily trend has turned up again after 3 days. Now, the peak of 10,550 need to be breached decisively to see a fresh move upward. However, the support for the day is seen at 33,800/10,450 while resistance is seen at 34,160/10,560. BUY HPCL CMP: Rs 418.85 TARGET: Rs 445 STOP LOSS: Rs 405 The stock has made a double bottom formation pattern in the daily chart at around 400 levels and now has indicated a positive candle to signify strength and potential to rise further in the coming days. The RSI has shown a trend reversal signaling a buy and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of 445 keeping a stop loss of 405. BUY MRPL CMP: Rs 128.20 TARGET: Rs 140 STOP LOSS: Rs 123 The stock has more or less formed a higher bottom formation pattern in the daily chart and the bullish candle now formed signifies a positive bias for further gains.
The stock has taken support at the significant moving average of 200 DMA which lies at around 126 levels and with the RSI looking positive with a trend reversal, we anticipate a good rally in the coming days. With active volume participation seen, we recommend a buy in this stock for an upside target of 140 keeping a stop loss of 123. BUY L&T FINANCE CMP: Rs 172.40 TARGET: Rs 186 STOP LOSS: Rs 165 The stock has somewhat corrected from the levels of 182.50 and now has consolidated and showing a reversal indications for future rally. The indicators are favourable with the RSI showing a trend reversal and signaling a buy. The candle pattern in the daily chart looks attractive with a higher bottom formation pattern in the making. With decent volume activity seen, we recommend a buy in this stock for an upside target of 186 keeping a stop loss of 165. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.