 "Nifty outlook and top trading calls by Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
Market stayed in momentum and continued showing strength. For now, near term support lies at 10,260, with RSI on daily chart at 55 implying further up move whereby re- testing of previous high is very likely. The support for the day is seen at 10,275 while resistance is seen at 10,370.
BUY STRIDES SHASHUN
CMP: Rs 808.50
TARGET: Rs 870
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STOP LOSS: Rs 770
The stock has corrected well from the recent peak level of Rs 1097 and has bottomed out at around Rs 758 and has made a recovery from thereon. The positive candle formed now indicates a positive bias and is poised for further rise in the coming days. The RSI indicator is also showing a trend reversal, thus signaling a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 870 keeping a stop loss of Rs 770.
BUY TRIDENT
CMP: Rs 91.80
TARGET: Rs 100
STOP LOSS: Rs 86
The stock has taken support at the significant 200-DMA which lies at Rs 86.80 and now has produced a bullish candle pattern in the daily chart to signify strength and potential to gain further and to indicate a positive bias. With favorable factors supporting our bullish view and with good decent volume activity seen, we recommend a buy in this stock for an upside target of Rs 100 keeping a stop loss of Rs 86.
BUY WOCKHARDT
CMP: Rs 753.70
TARGET: Rs 810
STOP LOSS: Rs 715
The stock has given a huge spurt and is on the verge of a breakout above the previous peak of Rs 753, signifying strength and potential to rise further in the coming days. The stock has regained strongly and looks attractive in the daily chart. We anticipate a decent rally from current levels. The RSI has strongly recovered and is indicating a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 810 keeping a stop loss of Rs 715.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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