 "Nifty outlook and three trading ideas by Prabhudas Lilladher")
Nifty View:
Nifty for now is showing resistance at 10130 levels; however RSI on daily chart shows no sign of fatigue. A decisive move past 10,150 gives us further upside target of 10,250-10,300 levels. The support for the day is seen at 10,030 while resistance is seen at 10,130.
BUY AUROBINDO PHARMA
CMP: Rs 760
TARGET: Rs 825
STOP LOSS: Rs 735
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The stock after a short phase of consolidation has indicated a positive move with a bullish candle pattern in the daily chart and we anticipate further more upward movement in the coming days. The RSI has also indicated a trend reversal recently signaling a buy and maintaining the positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 825 keeping a stop loss of Rs 735.
BUY HCL TECH
CMP: Rs 871.30
TARGET: Rs 930
STOP LOSS: Rs 845
The stock after a gradual correction has consolidated near Rs 860 and has now indicated a positive candle and with the MACD also indicating a trend reversal, the stock looks attractive for further upward move. The RSI also has been on the rise and has indicated a positive bias. We recommend this stock for a buy for an upside target of Rs 930 keeping a stop loss of Rs 845.
BUY AXIS BANK
CMP: Rs 499.30
TARGET: Rs 535
STOP LOSS: Rs 482
The stock for some time has been moving between the range of Rs 480 and Rs 535 and now again has taken support at the 200-DMA which is at Rs 495 and has indicated a positive bias and potential to rise further till Rs 535. The RSI has shown a trend reversal signaling a buy and with the trend indicating a upward move, we recommend a buy in this stock for an upside target of Rs 535 keeping a stop loss of Rs 482.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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