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Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
The year is likely to open with a positive start having Nifty at all time high levels. The IT Index is all set for a takeoff & likely to do well in days to come. Nifty at 10530 with RSI above 63 levels implies scope for further up move. The support for the week is seen at 10400 while resistance is seen at 10650.
BUY CAPITAL FIRST
CMP: Rs 692.95
TARGET: Rs 770
STOP LOSS: Rs 665
The stock has corrected from the levels of 832 and has bottomed out at around 657 levels to witness a good recovery. The stock looks attractive for further rise with strength and potential and with the MACD on the rise, a positive bias has been maintained. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 770 keeping a stop loss of 665.
CMP: Rs 65.55
TARGET: Rs 73
STOP LOSS: Rs 60
The stock has recovered significantly from the low of 48.30 and has gained with strength and now the current positive candle formed indicates great potential to rise further and also on the verge of a breakout above the previous peak of 66 makes the stock very attractive. The RSI has been on the rise while also the MACD shows a positive bias. With tremendous volume activity witnessed, we recommend a buy in this stock for an upside target of 73 keeping a stop loss of 60.
BUY SINTEX PLASTIC
CMP: Rs 83.75
TARGET: Rs 92
STOP LOSS: Rs 78.50
The stock has been in consolidation phase for some time and now it has moved above the significant moving average of 34 WMA to show a positive bias. We anticipate a upward move from here on to scale up to 90 levels. The MACD has shown a trend reversal to signal a buy. Also the RSI has been indicating a trend reversal to signify strength and potential to rise further in the coming days. We recommend a buy in this stock for an upside target of 92 keeping a stop loss of 78.50.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.