 "Buy UPL for a target of Rs 715, SL of Rs 585: Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:
NIFTY VIEW
Nifty witnessed resistance at the previous day’s high of 10280 levels and eroded some of its gains and we anticipate a consolidation phase having an upside target of around 10400-10430 levels while 10000 would remain the support base as of now. However, the support for the day is seen at 33630/10130 while resistance is seen at 34150/10260. Bank Nifty would have a range of 24530-25070. As of now, Bank Nifty has maintained a good base at around 24250 levels.
BUY GRASIM INDUSTRIES
CMP: Rs 804.75
TARGET: Rs 880
STOP LOSS: Rs 755
The stock has given a drastic correction from the peak of 1080 levels in the past one month and has currently bottomed out at around 756 levels and a bounce back with positive bullish candle has indicated a positive bias with potential and strength to carry on the momentum still further upside in the coming days. With the RSI also reversing from the oversold zone has made the bias positive and with good volume activity seen, we recommend a buy in this stock with an upside target of 880 keeping a stop loss of 755.
BUY UPL
CMP: Rs 636.80
TARGET: Rs 715
STOP LOSS: Rs 585
The stock has made a double bottom formation pattern at around 585 levels indicating good support base and has bounced back to signify strength and potential to rise further in the coming days. The RSI also has indicated a trend reversal with a buy signal and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 715 keeping a stop loss of 585.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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