 "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 and Bank Nifty are at the highly overbought zone with a negative divergence in the daily chart. The Nifty rally has almost touched 1000 points from the low made at 10557 levels and we maintain the positive bias however, with caution. The support for the day is seen at 11400 while resistance is seen at 11520.
BUY VEDANTA
CMP: Rs 230.60
TARGET: Rs 255
Also Read
STOP LOSS: Rs 217
The stock has been in consolidation for quite some time at around 220-225 levels and currently it has indicated a breakout above that range and also has moved past the significant 50 DMA moving average to signify strength and potential to rise further in the coming days and can scale up to 250-255 levels. The RSI has been on the rise and so also the MACD to maintain a positive bias. With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 255 keeping a stop loss of 217.
BUY IGL
CMP: Rs 303.30
TARGET: Rs 330
STOP LOSS: Rs 287
The stock has made a higher bottom formation pattern in the daily chart at around 286 levels which is also almost where the significant 200 DMA lies and has indicated a positive bullish candle to signify a fresh rally in the upward direction in the coming days. The RSI also has indicated a trend improvement and is on the verge of a reversal to signal a buy. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 330 keeping a stop loss of 287.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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%