 "Nifty outlook and top stock picks by Prabhudas Lilladher: Buy RIL, Hindalco")
NIFTY VIEW
Nifty broke the significant support of 11,400 levels on Monday weakening the bias. Some consolidation, however, was witnessed near 11,300 levels. The support for the day is seen at 37,730/11,270 while resistance is seen at 38,330/11,400. Bank Nifty would have the daily range of 28,950 - 29,600. IT Index along with Pharma, Metals & RIL have shown strength to hold Nifty. Bank Nifty too, after correcting by 1000 points, after a break of 30,250, shows a halt. Signs of pullback from here on cannot be ruled out for a while.
Stock recommendation:
RELIANCE INDUSTRIES
Recommendation: BUY
CMP: Rs 1280.50
TARGET: Rs 1385
STOP LOSS: Rs 1220
The stock has made a double bottom formation near 1225 levels. After taking support near the significant 200DMA moving average, which lies near 1228 level, has bounced back to improve the bias. It has potential to rise further and with the RSI also indicating a trend reversal has signaled a buy. With the chart looking promising and good for further upside move, we recommend a buy in this stock for an upside target of Rs 1385 keeping a stop loss of Rs 1220.
HINDALCO
Recommendation: BUY
CMP: Rs 202.40
TARGET: Rs 218
STOP LOSS: Rs 193
The stock has maintained a good base near 190 levels. With a positive candle pattern moving above the significant 50DMA moving average, it has improved the bias and has the strength to carry on the momentum further upside in the near future. The RSI trend has turned positive signaling a buy and hence we recommend a buy in this stock for an upside target of Rs 218 keeping a stop loss of Rs 193.
=========================================
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks.
=========================================
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks.
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%