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Nifty outlook and top trading calls for today's trade: Prabhudas Lilladher

Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher

Vaishali Parekh  |  Mumbai 

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Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW: Nifty has made a double top formation in the daily chart at 10,490 and as said earlier, a decisive move past 10,550-10,580 would only decide the next fresh upward move. However, the support for the day is seen at 10,380 while the resistance would be at levels 10,500. BUY India CMP: Rs 750.60 TARGET: Rs 820 STOP LOSS: Rs 715 The stock has witnessed a short correction from the peak of 832 to make a low at 704 and has bottomed out there to make a recovery move and showing a positive bias. The stock has moved above the significant 34 WMA and with the RSI on the rise and MACD also indicating a trend reversal recently, the factors are favorable and with decent volume participation witnessed, we recommend a buy in the stock for an upside target of 820 keeping a stop loss of 715. BUY CMP: Rs 133.65 TARGET: Rs 148 STOP LOSS: Rs 122 The stock has made a higher bottom formation pattern in the daily chart at around Rs 117 and now has given a breakout above the previous peak of Rs 127, thus making the stock look attractive for still further up move. The stock has always maintained above the significant 34-WMA and with the RSI showing a steep rise indicates a strong trigger with a positive bias.

With the volume activity improving, we recommend a buy in this stock for an upside target of Rs 148 keeping a stop loss of Rs 122. BUY CMP: Rs 180.60 TARGET: Rs 200 STOP LOSS: Rs 168 The stock after a decent correction from the peak of Rs 213 to the low of 160 has bottomed out there and also it’s an important support level because that’s where the 200-DMA lies. The stock has regained significantly from thereon and is on an upward trending mode with a positive bias. The RSI has reversed its trend after hitting the oversold area and has signaled a buy. With decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 200 keeping a stop loss of Rs 168. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Fri, December 22 2017. 08:21 IST
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