 "Nifty outlook and technical calls from Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty Outlook
Nifty has kept itself well above 10,000 levels, the next move could be marginally higher from here or maybe consolidation, the near term support continues to be 9,960 while for Bank Nifty the near term support lies at 24,700.
CMP: Rs 1,017
TARGET: Rs 1,125
STOP LOSS: Rs 965
The stock has been taking support at around the 960 levels at regularly intervals and it has produced a bullish candle closing above the 200 DMA level. The RSI has made a steep rise indicating strong uptrend with tremendous volume participation. We recommend a buy in this stock for an upside target of 1125 keeping a stop loss of 965.
SBI - BUY
CMP: Rs 312.50
TARGET: Rs 338
STOP LOSS: Rs 298
The stock has been gradually on the rise and now has given a big positive candle in the daily chart to give a breakout above the previous peak of around 310 levels. The indicators are all favourable and we anticipate a positive up move in the coming days with positive bias. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 338 keeping a stop loss of 298.
CUMMINS INDIA - BUY
CMP: Rs 987.75
TARGET: Rs 1,070
Nifty Outlook
Nifty has kept itself well above 10,000 levels, the next move could be marginally higher from here or maybe consolidation, the near term support continues to be 9,960 while for Bank Nifty the near term support lies at 24,700.
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SHRIRAM TRANSPORT FINANCE - BUY
CMP: Rs 1,017
TARGET: Rs 1,125
STOP LOSS: Rs 965
The stock has been taking support at around the 960 levels at regularly intervals and it has produced a bullish candle closing above the 200 DMA level. The RSI has made a steep rise indicating strong uptrend with tremendous volume participation. We recommend a buy in this stock for an upside target of 1125 keeping a stop loss of 965.
SBI - BUY
CMP: Rs 312.50
TARGET: Rs 338
STOP LOSS: Rs 298
The stock has been gradually on the rise and now has given a big positive candle in the daily chart to give a breakout above the previous peak of around 310 levels. The indicators are all favourable and we anticipate a positive up move in the coming days with positive bias. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 338 keeping a stop loss of 298.
CUMMINS INDIA - BUY
CMP: Rs 987.75
TARGET: Rs 1,070
STOP LOSS: Rs 950
The stock has made a higher bottom formation in the daily chart and the trend is in a positive bias with much potential on the upper side. We anticipate the stock to give a breakthrough above the 1045 levels and along with rising volume and with favourable factors supporting, we recommend a buy in this stock for an upside target of 1070 keeping a stop loss of 950.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
The stock has made a higher bottom formation in the daily chart and the trend is in a positive bias with much potential on the upper side. We anticipate the stock to give a breakthrough above the 1045 levels and along with rising volume and with favourable factors supporting, we recommend a buy in this stock for an upside target of 1070 keeping a stop loss of 950.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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