 "Nifty outlook and top trading calls for today's trade: Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
Nifty has witnessed resistance at 10,550, now with profit booking seen, Nifty needs to hold 10,400 levels decisively, failing which we would see a further drag coming in indices. The support for the day is seen at 10,375 while resistance is seen at 10,480. We maintain a stock specific view with corrective bias.
BUY ITC
CMP: Rs 262.30
TARGET: Rs 284
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STOP LOSS: Rs 252
The stock has been in consolidation phase for quite some time and has been maintaining above the significant moving average of 34-WMA and now a spurt has indicated a positive bias with potential to recover from here on and can scale up to Rs 280 levels. The RSI has shown a positive bias with the chart looking attractive for an upward move. With volume activity improving, we recommend a buy in this stock for an upside target of Rs 284 keeping a stop loss of Rs 252.
BUY BALRAMPUR CHINI
CMP: Rs 135.20
TARGET: Rs 154
STOP LOSS: Rs 124
The stock has witnessed a deep correction from the peak of Rs 180 to bottom out at around Rs 130 levels and shown some revival movement. The chart looks attractive and with the positive candle pattern in the daily chart we anticipate a pullback rally and can scale up to Rs 150 levels in the coming days. The RSI has also shown a trend reversal indicating a buy in the stock. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 154 keeping a stop loss of Rs 124.
BUY KESAR PETRO
CMP: Rs 55
TARGET: Rs 62
STOP LOSS: Rs 50
The stock has been moving sideways in a range bound zone and now has emerged above the significant moving average of 34-WMA signifying strength and potential to regain further upward in the coming days. The RSI has triggered a positive bias with a trend reversal and along with good volume activity seen, we recommend a buy in this stock for an upside target of Rs 62 keeping a stop loss of Rs 50.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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