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Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Market witnessed erosion of this sort after a very long time and with a close above 9800 levels, Nifty has taken support of a long term trend line drawn from lows of 7,900 to 9,450 on June 30, 2017 and now, a decisive break of 9800 would bring in further weakness to take Nifty to 9700-9600. The support for the day is seen at 9770 while resistance is seen at 9860.
ITC - BUY
CMP: Rs 273.10
TARGET: Rs 300
STOP LOSS: Rs 260
The stock has corrected much and now the stock has been taking support at the 200 DMA which is at around 271 level. We anticipate the stock to recover from here on and make a bounce back to some extent. The RSI also is at the oversold zone and some recovery is anticipated. We recommend a buy in this stock for an upside target of 300 keeping a stop loss of 260
AXIS BANK - BUY
CMP: Rs 485.50
TARGET: Rs 525
STOP LOSS: Rs 470
The stock has corrected from the level of 547 to 484 levels and at multiple times and at regular intervals it has taken support at this level of around 485 and recovered significantly to move towards 525 – 530 levels. The RSI indicator has hit the oversold area and is anticipated to give a bounce from here on. We recommend a buy in this stock for an upside target of 525 keeping a stop loss of 470.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.