 "Intraday support on Nifty seen at 10,070, says Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty outlook:
Nifty is at the peak level and has been surging ahead day by day. However, market now awaits the RBI Policy announcement, which would trigger a good swing either ways. For Nifty, the support for the day is seen at 10,070 while resistance is seen at 10,160.
BUY PVR
CMP: Rs 1375.10
TARGET: Rs 1510
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STOP LOSS: Rs 1325
The stock has made a correction from the recent peak of Rs 1600 to fall till Rs 1320 and now has bottomed out at around the 200-DMA which is at Rs 1330. The stock has given a positive candle indicating positive bias and also the RSI has given a positive trend reversal signaling a buy with good decent volume participation. We recommend a buy in this stock for an upside target of Rs 1510 keeping a stop loss of Rs 1325.
BUY AMARA RAJA BATTERIES
CMP: Rs 847.45
TARGET: Rs 920
STOP LOSS: Rs 825
The stock has been moving in a narrow range with a strong base at Rs 828 where it has taken support at regular intervals and with the positive candle given now, the stock looks attractive and potential for further upward targets. The RSI indicator also has shown a trend reversal to signal a buy and with improving volume participation and favourable factors, we recommend a buy in this stock for an upside target of Rs 920 keeping a stop loss of Rs 825.
BUY TRIDENT
CMP: Rs 85.60
TARGET: Rs 92
STOP LOSS: Rs 82
The stock has made a higher bottom formation pattern in the daily chart and is in a trending mode and has taken support at the significant moving average of 34-WMA. With the RSI indicating a positive trend reversal to signal a buy. We anticipate the stock to give a breakout above the previous peak of Rs 88.50 and move further upwards. We recommend a buy in this stock for an upside target of Rs 92 keeping a stop loss of Rs 82.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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