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Nifty to trade within 10230-10560 range in expiry week: Prabhudas Lilladher

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

Vaishali Parekh  |  Mumbai 

NSE, National Stock Exchange

NIFTY VIEW:

Nifty has got its weekly trend turned up along with daily already up since 6 days, Bank Nifty too continues with its weekly & daily trend in positive. The support for the week is seen at 10230 while resistance is seen at 10560.


BUY     

CMP: Rs 138.75      
TARGET: Rs 160      
STOP LOSS: Rs 124

The stock after a decent correction right from the peak of Rs 229 has bottomed out at around Rs 123 levels and has formed a bullish candle pattern in the daily chart to signifying strength and it has got the potential to rise further still to Rs 160 and higher levels in the coming days. The RSI also has indicated a trend reversal from the highly oversold zone thus signaling a buy. With decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 160 keeping a stop loss of Rs 124.

BUY    

CMP: Rs 1680.25      
TARGET: Rs 1890     
STOP LOSS: Rs 1600

The stock has been moving in a range between Rs 1545 and Rs 1660 for quite some time and now it has indicated a breakout above this range with tremendous volume participation. The stock looks attractive for still further up move and with the RSI showing a steep rise, the bias has been maintained bullish. With the volume activity improving, we recommend a buy in this stock for an upside target of Rs 1890 keeping a stop loss of Rs 1600.
  
BUY INDRAPRASTHA GAS

CMP: Rs 312.25      
TARGET: Rs 344    
STOP LOSS: Rs 295

The stock has witnessed a decent rally from around 194 to make a peak at Rs 325 and recently with a short correction down up to Rs 290 has made a higher bottom formation pattern in the daily chart. The stock looks poised for further rise with the formation of a positive bullish candle and has maintained a positive bias. With the RSI showing a positive trigger, we recommend a buy in this stock for an upside target of 344 keeping a stop loss of Rs 295.

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

First Published: Mon, November 27 2017. 08:38 IST
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