 "Nifty outlook and few trading ideas by Prabhudas Lilladher for today")
NIFTY VIEW
Nifty continues to bounce back from 10300 levels having its near term resistance at 10630, a decisive move past 10630 would bring in further momentum for target 10650-10680 levels. The support for the day is seen at 10520 while resistance is seen at 10640. Auto & Capital goods look positive for now.
BUY TATA MOTORS
CMP: Rs 372.05
TARGET: Rs 400
STOP LOSS: Rs 355
The stock has witnessed a deep correction from the peak of 443 to bottom out at 357 levels and is now currently indicating a decent revival with strength and positive bias. The indicators are showing a trend reversal with the RSI at its oversold zone has signalled a buy and also the MACD has indicated a positive trigger. With good decent volume participation witnessed, we recommend a buy in this stock for an upside target of 400 keeping a stop loss of 355.
BUY VOLTAS
CMP: Rs 613.65
TARGET: Rs 668
STOP LOSS: Rs 575
The stock has corrected gradually from the level of 675 to form a base at near 552 levels which is very close to the 200 DMA level and we anticipate a good rise from here on with strength and positive bias. The RSI has shown a decent revival from the oversold zone and currently is on the rise indicating a positive bias. Also the MACD has indicated a trend reversal and signaled a buy and with tremendous volume activity witnessed, we recommend a buy in this stock for an upside target of 668 keeping a stop loss of 575.
BUY EQUITAS HOLDING
CMP: Rs 147.45
TARGET: Rs 164
STOP LOSS: Rs 136
CMP: Rs 147.45
TARGET: Rs 164
STOP LOSS: Rs 136
The stock has indicated a higher bottom formation pattern in the daily chart and is poised for further upward move in the coming days with strength and potential to scale upto 158 – 160 levels. The RSI has shown a steep rise with a trend reversal and also the MACD has triggered a positive bias signal and we anticipate a rise from here on. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 164 keeping a stop loss of 136.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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