Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW: Market at these levels is witnessing nervousness, however Nifty has held on to 11000 levels. Mid cap sector from its peak has corrected by 7% & now holding on to its crucial support of 5,300 levels. The support for the day is seen at 10,960 while resistance is seen at 11,100. All eyes would be on LTCG decision on Budget Day which will decide the market mood.
BUY KANSAI NEROLAC
CMP: Rs 510.10
TARGET: Rs 570
STOP LOSS: Rs 480
The stock has witnessed a decent correction from the peak of Rs 580 to bottom out at around Rs 465 levels which is also where the significant 200 DMA lies and has produced a positive bullish candle pattern in the daily chart to signify a positive bias with still further potential to rise in the coming days. The RSI has hit the oversold zone and has indicated a trend reversal to signal a buy and making the chart look attractive for more upward movement. We recommend a buy in this stock for an upside target of Rs 570 keeping a stop loss of Rs 480.
BUY NETWORK 18 MEDIA
CMP: Rs 55.85
TARGET: Rs 65
STOP LOSS: Rs 50
The stock has been in a rising trend and with regular higher bottom formation pattern in the daily chart, it has appreciated decently from the bottom made at Rs 43.80 some 4 months back and currently again it has taken support at the significant moving average of 200 DMA and is showing a trend reversal. The RSI also has indicated a trend reversal to signal a buy and is poised for further upward rise in the coming days. We recommend a buy in this stock for an upside target of Rs 65 keeping a stop loss of Rs 50.
BUY APOLLO HOSPITALS
CMP: Rs 1,162.80
TARGET: Rs 1,250
STOP LOSS: Rs 1,115
The stock has more or less made a higher bottom formation pattern and taken support at the significant moving average of 144 WMA in the daily chart to signify strength and we anticipate a rise from here on to give a breakout above the previous peak of Rs 1,242 levels. The RSI has been on the rise and recently had indicated a trend reversal to signal a buy and with volume activity on the rise, we recommend a buy in this stock for an upside target of Rs 1,250 keeping a stop loss of Rs 1,115.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above