 "Intraday support for Nifty seen at seen at 10,070: Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View:
The daily trend turns down in Nifty which implies resistance at 10,150 levels for now and a decisive break of 10050 would bring Nifty down to 9,950 levels. The support for the day is seen at 10,070 while resistance is seen at 10,160.
BUY BIOCON
CMP: Rs 364.15
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TARGET: Rs 395
STOP LOSS: Rs 348
The stock has picked up well after the brief correction which was followed by a short consolidation period and now has produced a bullish candle pattern and it looks potentially set for still more upward movement in the coming days. The RSI has been positive and with volume picking up in recent times, we recommend a buy in this stock for an upside target of Rs 395 keeping a stop loss of Rs 348.
BUY CADILA HEALTH
CMP: Rs 504.45
TARGET: Rs 545
STOP LOSS: Rs 474
The stock has been on a rising trend and it has decisively moved above the cluster of significant moving averages to look attractive and potential to move further up. The RSI indicator is on the rise supporting to our positive bias view and along with good volume participation seen in recent days, we recommend a buy in this stock for an upside target of 545 keeping a stop loss of Rs 474.
BUY AJANTA PHARMA
CMP: Rs 1256.60
TARGET: Rs 1400
STOP LOSS: Rs 1180
The stock has witnessed a huge correction and has been in consolidation phase for some time at around Rs 1200 level and now has indicated a bullish candle pattern in the daily chart signifying strength and potential to bounce back further upward to scale fresh target levels. The RSI also has shown a trend reversal signaling a buy and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1400 keeping a stop loss of Rs 1180.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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