ALSO READTechnical calls for today's trade: Buy Berger Paints, Ashok Leyland Expecting targets between 12000-12200 for Nifty in medium term: Devang Shah Buy Asian Paints, Infosys and Bank of India, says Prabhudas Lilladher Nifty outlook and technical calls from Prabhudas Lilladher Support for Nifty is seen at 9875, resistance at 9960: Prabhudas Lilladher
Nifty outlook and key trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW: Nifty for now has made a U-turn getting its daily trend turned up after 6 days; however Nifty needs to cross 10,200 levels for further target of 10,280-10,350. The support for the day is seen at 10,120 while resistance is seen at 10,220. This still continues to be a bounce back rally till we see some confirmation above 10,350. BUY ASIAN PAINTS CMP: Rs 1,144.40 TARGET: Rs 1,245 STOP LOSS: Rs 1,100 The stock has given a decent correction from the peak of 1200 levels and now has bottomed out at 1099 and produced a positive bullish candle pattern in the daily chart to signify potential and strength to rise further in the coming days. The RSI has hit the oversold area and has indicated a steep rise with a trend reversal thus signaling a buy in this stock.
The volume activity has been tremendous in the recent times and thus we recommend a buy in this stock for an upside target of 1245 keeping a stop loss of 1100 BUY RAMA STEEL AND TUBES CMP: Rs 185 TARGET: Rs 204 STOP LOSS: Rs 175 The stock has been consolidating for some time between the range of 180 and 188 levels and now has indicated a positive candle in the daily chart. The indicators are showing a positive bias with favorable factors like the RSI has indicated a steep rise from the bottom to show a trend reversal and signal a buy. The stock looks promising and we recommend a buy in this stock for an upside target of 204 keeping a stop loss of 175 BUY GAIL CMP: Rs 492.55 TARGET: Rs 535 STOP LOSS: Rs 470 After a period of consolidation for quite some time, the stock has given a breakout with a huge positive candle in the daily chart and has opened the doors for further fresh upward targets and with the RSI bouncing back to indicate a reversal has made the stock look attractive and promising for further gains in the coming days. With huge volume witnessed, we recommend a buy in this stock for an upside target of 535 keeping a stop loss of 470 Disclaimer: The analyst may have positions in any or all the stocks mentioned above.