 "Nifty outlook and few trading ideas by Prabhudas Lilladher for today")
NIFTY VIEW
The bounce back rally seems to be capped at crucial resistance level of 10630 which is also where the 50DMA lies. Market would now witness a range of 10300-10650 levels for the coming days and a decisive move past any of these levels would decide the further move. The support for the day is seen at 10500 while resistance is seen at 10610.
BUY NCC
CMP: Rs 130.35
TARGET: Rs 145
STOP LOSS: Rs 122
CMP: Rs 130.35
TARGET: Rs 145
STOP LOSS: Rs 122
The stock has been in consolidation for quite some time moving in the range of 123 and 128 levels and now has given a breakout with a positive candle pattern in the daily chart. The chart looks attractive with potential to rise for further upward targets in the coming days. The indicators has shown positive bias with the RSI showing a trend reversal and has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 145 keeping a stop loss of 122.
BUY GRUH FINANCE
CMP: Rs 555.60
TARGET: Rs 620
STOP LOSS: Rs 520
The stock has given a decent correction from the peak of 717 to consolidate and take support at around 500 levels and now it has gradually regaining strength indicating a positive bias. We anticipate the stock to rise further in the coming days with strength and potential and with most of the indicators in a positive strength and with good decent volume activity seen, we recommend a buy in this stock for an upside target of 620 keeping a stop loss of 520.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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