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Support for Nifty is seen at 9,900, resistance at 10k: Prabhudas Lilladher

Nifty view and few trading ideas by Vaishali Parekh of Prabhudas Lilladher

Vaishali Parekh  |  Mumbai 

markets, stocks, sensex, nifty, bse, nse
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view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
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continues to move in a very narrow range and is witnessing resistance at every rise near the 9,900 level and is finding difficulty to surpass the 10,000 mark. We anticipate to be in a range bound zone in the near term and also due to global factors like the North Korean tensions, volatility can be expected. The support for the day is seen at 9,900 while resistance is seen at 10,000.
 
- BUY   
CMP: Rs 106.85     
TARGET: Rs 117    
STOP LOSS: Rs 98  
 
The stock has made a double bottom formation in the daily chart at around 90 levels and has strongly recovered from thereon to maintain above the cluster of significant Moving Averages. The RSI is on the rise which indicates potential and strength for further upward movement and with decent volume participation witnessed, we recommend a positional buy in this stock for an upside of 117 keeping a of 98.
 
- BUY    
CMP: Rs 242.85    
TARGET:  Rs 268     
STOP LOSS: Rs 232
 
The stock has witnessed a decent correction from the levels of around 305 and now it has made a low near to the 200 DMA which is at 240 level. We anticipate a turn around and some revival is possible and with the RSI indicator at highly oversold zone, there is much potential in this stock to bounce back. We recommend this stock for an upside of 268 keeping a of 232.
 
- BUY     
CMP: Rs 147.25    
TARGET: Rs 160    
STOP LOSS: Rs 138 
 
The stock after some consolidation phase at around 140 levels has given a breakout to rise to 147 and with the RSI and MACD showing positive bias with potential to rise further upward, we anticipate a bounce back upto 160 levels in the coming days. We recommend a buy in this stock for an upside of 160 keeping a of 138.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Wed, September 06 2017. 08:01 IST
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