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Nifty outlook and top trading ideas by Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Vaishali Parekh  |  New Delhi 

Nifty outlook and top trading ideas by Prabhudas Lilladher for today

outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

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Post Budget has pierced below 10900 levels however with a close above the 11000 mark, the uptrend remains intact. On a broad base, we anticipate sectors like Infra and agri-products like fertilisers and tractors to perform in the short term perspective. The support for the day is seen at 10960 while resistance is seen at 11,070.

BUY
CMP: Rs 1,729.45
TARGET: Rs 1,850
STOP LOSS: Rs 1,680

The stock has made a double bottom formation at around 1650 levels and also taken support which is also where the significant 200 DMA lies and signifies potential to rise further from here on. The RSI has shown a trend reversal and has maintained the positive bias. The chart looks attractive and with decent volume participation witnessed, we recommend a buy in this stock for an upside of 1850 keeping a of 1680.

BUY
CMP: Rs 217.50
TARGET: Rs 260
STOP LOSS: Rs 205

The stock has given a good run recently to carry the price to the peak level of 276 and a short correction thereafter to indicate a higher bottom formation pattern in the daily chart has signified strength and potential to continue the rally further in the coming days. The volume has been on the rise in recent days and with a positive bias sentiment, we recommend a buy in this stock for an upside of 260 keeping a of 205.

BUY
CMP: Rs 260.15
TARGET: Rs 284
STOP LOSS: Rs 245

The stock has been in a consolidation phase for quite some time and has taken support at around 245 levels at regular intervals and is poised for another upward move in the coming days. The RSI has again indicated a trend reversal to signal a buy and the stock has also moved above the significant moving average of 200 DMA to maintain a positive bias. With good volume activity witnessed, we recommend a buy in this stock for an upside of 284 keeping a of 245.

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

First Published: Fri, February 02 2018. 08:00 IST
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