 "Nifty outlook and top trading ideas by Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
Nifty though has its daily trend down, it still is sustaining above its crucial support of 10120 levels. Bank Nifty too has its near term support at 23900, hence a bounce from these levels cannot be ruled out. The support for the day is seen at 10130 while resistance is seen at 10220.
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BUY RALLIS INDIA
CMP: Rs 239.45
TARGET: Rs 260
STOP LOSS: Rs 228
The stock has made a U-turn recovery and has been consolidating for some time gaining strength and potential and now has given a positive candle pattern to rise above the significant 200 DMA indicating a positive bias for further rally in the upward direction. We anticipate the stock to move towards the level of 260 in the coming days and with good volume activity going on, we recommend a buy in this stock for an upside target of 260 keeping a stop loss of 228
BUY GSFC
CMP: Rs 142.55
TARGET: Rs 155
STOP LOSS: Rs 134
The stock has more or less made a higher bottom formation pattern in the daily chart and has produced a positive candle to show potential and significance to rise further and we anticipate a breakout above the previous resistance of 150 and can move past 155 -160 levels. The RSI is on the rise while also the MACD is strong showing a positive bias. With the decent volume participation witnessed, we recommend a buy in this stock for an upside target of 155 keeping a stop loss of 134
BUY SRIKALAHASTHI PIPES
CMP: Rs 358.60
TARGET: Rs 390
STOP LOSS: Rs 340
The stock has recovered significantly after making the bottom at around 295 levels and now has given a breakout above the previous peak of 354 and looks attractive and has the potential to rise further upward with strength in the coming days. The RSI has been on the rise indicating a positive bias and also the MACD is on a positive run supporting our view. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 390 keeping a stop loss of 340
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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