 "Nifty outlook and top trading ideas by HDFC Securities: Buy SBI, L&T")
Utilize dips to go long
Nifty has formed bearish “Harami” candle-stick pattern on the daily charts dated 4th June 2019. This pattern could lead to some profit booking from the current levels. On the downside, however, 11,800 is a strong support and can be kept as a stop-loss in Nifty longs. A level of around 11,900 or level above 12,105, which ever reaches first should be utilized to initiate longs. Positional Resistance for Nifty is seen at 12,430.
Stock recommendation:
Stock recommendation:
State Bank of India
Recommendation: BUY
Last close: Rs 352.4
Target Rs. 380
Also Read
Stop-loss Rs 335
The stock price has registered multi-year high. This move has resulted in long term 10 years’ consolidation breakout. Stock is trading above all important moving averages. Higher tops and higher bottoms are well intact. Oscillators and Indicators are showing strength in the current trend.
Considering the technical evidences, we recommend buying the stock at current market price (CMP) and average it at Rs 345, for the target of Rs 380, keeping a stop loss at Rs 335 on closing basis.
LARSEN & TUBRO
Recommendation: BUY
Last close: Rs 1,570
Target: Rs 1,670
Stop-loss: Rs 1,525
It has registered 16 months’ consolidation range breakout which indicates continuation of medium to long term bullish trend. The stock has seen running correction. Oscillators and Indicators are showing strength in the current trend.
Considering the technical evidences, we recommend buying the stock between CMP with average of Rs1,550 for the target of Rs 1,670, keeping stop loss at Rs 1,525 on closing basis.
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The author is a research analyst working with HDFC Securities. Views expressed are his own.
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The author is a research analyst working with HDFC Securities. Views expressed are his own.
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