ALSO READBuy Apollo Tyres, Aptech and Future Enterprises: Prabhudas Lilladher Technical calls for today's trade: Buy Apollo Tyres, Hindalco and Arvind Top technical calls for today's trade: Buy Tech Mahindra, Balrampur Chini Nifty outlook and trading ideas from Prabhudas Lilladher for today's trade Top technical calls from Prabhudas Lilladher for today's trade
Nifty Outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research At Prabhudas Lilladher: NIFTY VIEW: Market so far has maintained itself well above its near term support levels, with Nifty having a resistance at 10,385 & support of 10,200. The RSI on daily chart is on an up move indicating strength & potential to re-test the previous high. The support for the day is seen at 10,280 while resistance is seen at 10,370. BUY MAHANAGAR GAS CMP: Rs 1,113.75 TARGET: Rs 1,245 STOP LOSS: Rs 1,060 The stock has made a double bottom formation at around 1050 and has indicated a bullish candle pattern in the daily chart to signify potential and strength for further rise in the coming days. The stock is looking attractive technically and is poised for a good run and with indicators like RSI showing a trend reversal from the oversold area is signaling a buy.
With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1245 keeping a stop loss of 1060 BUY TECH MAHINDRA CMP: Rs 493.85 TARGET: Rs 545 STOP LOSS: Rs 470 The stock has seen a good run in the recent past and is in a trending mode with series of higher bottom formation pattern and has produced a bullish candle to signify strength and potential to rally further and is poised to give a breakout above the previous peak of 515 and we anticipate a fresh bounce from there on to enter a new zone. With the RSI indicating a trend reversal showing a positive bias and also the MACD is indicating positive indications and with good volume activity seen, we recommend a buy in this stock for an upside target of 545 keeping a stop loss of 470 BUY APOLLO TYRES CMP: Rs 245.70 TARGET: Rs 274 STOP LOSS: Rs 232 The stock has been taking support at the 200 DMA levels and has been maintaining a strong base and now with the formation of a bullish candle has made the stock to look attractive and poised for a decent rise with strength and potential. The RSI has also indicated a steep rise and thus support our view of a positive bias. With decent volume participation and activity seen, we recommend a buy in this stock for an upside target of 274 keeping a stop loss of 232 Disclaimer: The analyst may have positions in any or all the stocks mentioned above.