 "Buy Raymond for a target of Rs 930, SL of Rs 755: Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst- technical research at Prabhudas Lilladher.
NIFTY VIEW
Nifty continued to slide from the peak made near 10775 levels whereas BankNifty also has indicated weakness to close just below the 200DMA which lies at 26010 level and has turned down the daily trend. The support for the week is seen at 34360/10320 while resistance is seen at 35500/10700. Bank Nifty would have a range of 25350-26540. The bias has turned somewhat cautious and the chances of some downward movement in the coming days cannot be ruled out.
BUY RAYMOND
CMP: Rs 814.85
TARGET: Rs 930
STOP LOSS: Rs 755
The stock has made a decent bounce back from the bottom made at around 600 levels and after a brief consolidation phase near 750-770 levels has given a breakout for further fresh upward move. The RSI has been on the rise so also the MACD maintaining a positive bias and we anticipate there is more upside potential for the stock to rise in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 930 keeping a stop loss of 755.
BUY VIVIMED LABS
CMP: Rs 41.60
TARGET: Rs 52
STOP LOSS: Rs 36
The stock has been in a consolidation period for quite some time at around 35 -38 levels and currently has given a breakout with a positive bullish candle pattern in the daily chart to signify strength and has potential to rise further in the coming days. The RSI has indicated a steep rise showing a trend reversal to signal a buy and with consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 52 keeping a stop loss of 36.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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