ALSO READTop technical calls: Buy India Cements, Hindustan Oil Exploration Nifty outlook and technical calls from Prabhudas Lilladher Nifty outlook and top stock recos by Prabhudas Lilladher for today's trade Buy India Cements, Apollo Tyres and BPCL: Prabhudas Lilladher Nifty outlook and top stock recos from Prabhudas Lilladher
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty has been resisting at 10650 levels and now a consolidation between the range of 10650 and 10580 can be witnessed and fresh upside movement can be confirmed only if it decisively gives a breakout above the 10650 levels. However, the support for the day is seen at 10580 while the resistance would be at 10690 levels.
BUY INDIA CEMENTS
CMP: Rs 193
TARGET: Rs 220
STOP LOSS: Rs 182
The stock has moved significantly in the recent past and has made a new high and with the stock moving above the 200 DMA, there is still more upside potential remaining and it can scale upto 220-225 levels. The indicators has been favourable with a positive bias and with rising volume activity witnessed, we recommend a buy in this stock for an upside target of 220 keeping a stop loss of 182.
CMP: Rs 427.50
TARGET: Rs 475
STOP LOSS: Rs 400
The stock has been on a good run making series of higher bottom formation pattern in the daily chart and now a positive candle pattern has triggered a positive bias and we anticipate the stock to rise further till 470 levels. The RSI has indicated a trend reversal to signal a buy and with tremendous volume activity seen, we recommend a buy in this stock for an upside target of 475 keeping a stop loss of 400.
BUY INDO COUNT INDS
CMP: Rs 134.15
TARGET: Rs 148
STOP LOSS: Rs 124
The stock has given a breakout above the previous peak of 129 where there was a strong resistance and now has indicated a positive bias to move further upward with strength and potential. The RSI has been on the rise and so also the MACD is in a strong upward trend. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 148 keeping a stop loss of 124.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.