 "Intraday support for Nifty seen at 10,040: Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View:
Nifty once again resisted at the level of 10130 and witnessed some profit-booking amid global cues and we anticipate the consolidation to continue for some more time before any fresh movement in the market occurs. As said earlier a breakout above 10,150 decisively can only bring about a fresh new round of rally for Nifty. The support for the day is seen at 10,040 while resistance is seen at 10,135.
BUY IDFC BANK
CMP: Rs 60.80
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TARGET: Rs 67
STOP LOSS: Rs 57
The stock has picked up well and has given a closing breakout above the 200-DMA which is now at Rs 60.60 level. The stock looks attractive for still further upmove and with favourable factors like RSI which is on the rise had given a trend reversal recently indicating positive bias and potential to rally further. We recommend this stock for an upside target of Rs 67 keeping a stop loss of Rs 57.
BUY TATA MOTORS
CMP: 403.90
TARGET: Rs 450
STOP LOSS: Rs 378
The stock has witnessed a steep correction from Rs 460 to fall to Rs 358, and from thereon has consolidated around the Rs 380 gaining strength and potential to recover strongly and now has given a spurt to signify a positive bias for further rally upward. The RSI has been on the rise and we anticipate the stock to move upward till Rs 450. We recommend a buy in this stock for an upside target of Rs 450 keeping a stop loss of Rs 378.
BUY ADANI PORTS
CMP: Rs 403.10
TARGET: Rs 432
STOP LOSS: Rs 382
The stock after a consolidation phase at around Rs 385 has picked up well to indicate a bullish candle pattern in the daily chart and signifies strength and potential to rally further upward in the coming days. The RSI has shown a steep rise and is showing a positive bias to rise further. We recommend a buy in this stock for an upside target of Rs 432 keeping a stop loss of Rs 382.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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