Business Standard

Nifty outlook for today: Maintain caution, wait for market to stabilize

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

Vaishali Parekh 

Markets, Buy, Sell, Stocks
Photo: Shutterstock.com

outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: VIEW: Market saw a decent recovery from the lows of 10,586 and as of now the level of 10,550 for can be considered as the major support. The sentiment remains still pessimistic unless and until gives a close above 10,850 levels. The support for the day is seen at 10,600 while resistance is seen at 10,720. We maintain a cautious view and wait for the market to stabilize. SUN PHARMA CMP: Rs 557.45 TARGET: Rs 605 STOP LOSS: Rs 535 The stock has witnessed a decent correction from the peak of Rs 595 and has now bottomed out at Rs 544 levels which is also where the significant moving average of 200 DMA lies and now has moved above that average to show strength and signifies a positive bias for further upward move.

The volume participation has been promising and we recommend a in this stock for an upside target of Rs 605 keeping a stop loss of Rs 535. IGL CMP: Rs 296.75 TARGET: Rs 335 STOP LOSS: Rs 280 The stock has indicated a gradual correction in the recent days from the level of Rs 345 and has bottomed out at Rs 285 to indicate a recovery from here on. The RSI has hit highly oversold zone and is poised for a bounce back to regain strength and potential to rise further in the coming days. With good volume participation witnessed, we recommend a in this stock for an upside target of Rs 335 keeping a stop loss of Rs 280. EQUITAS HOLDING CMP: Rs 138.90 TARGET: Rs 156 STOP LOSS : Rs 130 The stock has corrected well and has bottomed out at around Rs 133 levels and has made a more or less double bottom formation pattern in the daily chart to see a further upward move in the coming days. The chart looks promising and with decent volume activity witnessed, we recommend a in this stock for an upside target of Rs 156 keeping a stop loss of Rs 130.

First Published: Tue, February 06 2018. 08:15 IST
RECOMMENDED FOR YOU