 "Nifty outlook and few trading ideas by Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW
Nifty has its daily trend in positive while weekly & monthly trend are down which implies inherent weakness in the market. Auto sector for now has been an outperformer while metal stocks have started showing signs of exhaustion. The support for the week is seen at 10260 while resistance is seen at 10620. The view remains corrective.
BUY BAJAJ FINANCE
CMP: Rs 1,659.35
TARGET: Rs 1780
STOP LOSS: Rs 1,610
The stock has made a gradual recovery from the bottom made at around 390-395 levels and has witnessed a steady growth from there on. The stock has maintained above the significant moving average of 34 WMA and we anticipate a breakout above the previous peak of 460 in the coming days. With consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 470 keeping a stop loss of 410.
BUY MAHARASHTRA SEAMLESS
CMP: Rs 468.05
TARGET: Rs 535
STOP LOSS: Rs 447
The stock has witnessed a gradual steady correction from the peak of 551 to bottom out at around 452 levels and is currently consolidating at that level gaining strength and has got the potential to give a decent pullback to scale upto 515 – 520 levels. With the RSI indicating a trend reversal from the oversold zone, it has signaled a buy with a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 535 keeping a stop loss of 447.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
NIFTY VIEW
Also Read
BUY BAJAJ FINANCE
CMP: Rs 1,659.35
TARGET: Rs 1780
STOP LOSS: Rs 1,610
The stock has been maintaining a strong base at around 1600 levels and has shown a positive bias with potential and strength to rise further in the coming days. We anticipate a good run once it gives a breakout above the 200 DMA which lies at around 1670 levels and with the RSI in a positive trend and with decent volume activity, we recommend a buy in this stock for an upside target of 1780 keeping a stop loss of 1610.
BUY JK LAKSHMI CEMENT
CMP: Rs 431.60
TARGET: Rs 470
STOP LOSS: Rs 410
BUY JK LAKSHMI CEMENT
CMP: Rs 431.60
TARGET: Rs 470
STOP LOSS: Rs 410
The stock has made a gradual recovery from the bottom made at around 390-395 levels and has witnessed a steady growth from there on. The stock has maintained above the significant moving average of 34 WMA and we anticipate a breakout above the previous peak of 460 in the coming days. With consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 470 keeping a stop loss of 410.
BUY MAHARASHTRA SEAMLESS
CMP: Rs 468.05
TARGET: Rs 535
STOP LOSS: Rs 447
The stock has witnessed a gradual steady correction from the peak of 551 to bottom out at around 452 levels and is currently consolidating at that level gaining strength and has got the potential to give a decent pullback to scale upto 515 – 520 levels. With the RSI indicating a trend reversal from the oversold zone, it has signaled a buy with a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 535 keeping a stop loss of 447.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%