 "Nifty outlook and few trading ideas by Prabhudas Lilladher for today")
NIFTY VIEW: Nifty is in the process of making lower top on daily chart implying new round of correction to set in with near term resistance seen at 10600 levels. The support for the day is seen at 10440 while resistance is seen at 10550. Our view is corrective and cautious.
BUY TECH MAHINDRA
CMP: Rs 611.50
TARGET: Rs 660
STOP LOSS: Rs 580
BUY TECH MAHINDRA
CMP: Rs 611.50
TARGET: Rs 660
STOP LOSS: Rs 580
The stock has made a higher bottom formation pattern in the daily chart to reverse from the level of 586 and has indicated a positive bullish candle pattern to signify a positive bias and we anticipate a further rise from here on to scale up to 650 – 660 levels giving a breakout above the previous peak of 631 levels. The RSI has indicated a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 660 keeping a stop loss of 580.
BUY VINDHYA TELE
CMP: Rs 1,224
TARGET: Rs 1,380
STOP LOSS: Rs 1,120
The stock has witnessed a gradual correction from the peak of 1475 and has made a bottom formation at 1045 levels and now currently has indicated a good revival with positive candle patterns to strengthen the bias and we anticipate a further rise from here on. The indicators have become favourable and with the RSI giving a steep rise and also the MACD showing a trend reversal, we recommend a buy in this stock for an upside target of 1380 keeping a stop loss of 1120.
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%