 "Buy India Cements, Apollo Tyres and BPCL: Prabhudas Lilladher")
Nifty outlook and key trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
Nifty has given a good bounce getting the daily trend up while weekly still continues to be down. Volatility index too has retraced where further correction for now seems unlikely. The support for the week is seen at 10080 while resistance is seen at 10460.
BUY INDIA CEMENTS
CMP: Rs 174.40
TARGET: Rs 192
STOP LOSS: Rs 164
The stock has made a triple bottom formation in the daily chart and has bounced back with a huge positive candle pattern and looks poised for further upward rise in the coming days. The RSI has regained from its low and has indicated a trend reversal thus signaling a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 192 keeping a stop loss of 164
BUY APOLLO TYRES
CMP: Rs 247.90
TARGET: Rs 265
STOP LOSS: Rs 236
The stock has taken support at the significant 200 DMA which lies at 238 levels and has bottomed out there to regain strength with a reversal indicated. The stock looks promising and we anticipate it reach the peak level of 260 and scale further upwards. The RSI also has bounced back and has shown a positive bias signaling a buy. With good decent volume participation witnessed, we recommend a buy in this stock for an upside target of 265 keeping a stop loss of 236
BUY BPCL
CMP: Rs 514.45
TARGET: Rs 545
STOP LOSS: Rs 492
The stock has been making a series of higher bottom formation pattern in the daily chart and has maintained an upward trend in the recent past. The stock has been in consolidation period and now has indicated a positive candle with a positive bias in the daily chart. The MACD also has shown a trend reversal and thus support our view of a buy in this stock. We recommend a buy in this stock for an upside target of 545 keeping a stop loss of 492.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
NIFTY VIEW:
Nifty has given a good bounce getting the daily trend up while weekly still continues to be down. Volatility index too has retraced where further correction for now seems unlikely. The support for the week is seen at 10080 while resistance is seen at 10460.
Also Read
CMP: Rs 174.40
TARGET: Rs 192
STOP LOSS: Rs 164
The stock has made a triple bottom formation in the daily chart and has bounced back with a huge positive candle pattern and looks poised for further upward rise in the coming days. The RSI has regained from its low and has indicated a trend reversal thus signaling a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 192 keeping a stop loss of 164
BUY APOLLO TYRES
CMP: Rs 247.90
TARGET: Rs 265
STOP LOSS: Rs 236
The stock has taken support at the significant 200 DMA which lies at 238 levels and has bottomed out there to regain strength with a reversal indicated. The stock looks promising and we anticipate it reach the peak level of 260 and scale further upwards. The RSI also has bounced back and has shown a positive bias signaling a buy. With good decent volume participation witnessed, we recommend a buy in this stock for an upside target of 265 keeping a stop loss of 236
BUY BPCL
CMP: Rs 514.45
TARGET: Rs 545
STOP LOSS: Rs 492
The stock has been making a series of higher bottom formation pattern in the daily chart and has maintained an upward trend in the recent past. The stock has been in consolidation period and now has indicated a positive candle with a positive bias in the daily chart. The MACD also has shown a trend reversal and thus support our view of a buy in this stock. We recommend a buy in this stock for an upside target of 545 keeping a stop loss of 492.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%