 "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 once again with a close above 10900 brings a new round of up move with RSI on daily chart valued at 57. Bank Nifty continues to outperform & has given a breakout crossing the previous high. Support for the day is seen at 35970/10850 while resistance is seen at 36540/10980. Bank Nifty would have a range of 27100-27700. The daily trend of Nifty and Bank Nifty remains intact and scope for upward movement is anticipated.
BUY INFOSYS
CMP: Rs 665.05
TARGET: Rs 715
STOP LOSS: Rs 650
The stock has been consolidating for some time above the significant 200 DMA moving average maintaining good support at around 650 levels and looks poised for an upward movement in the coming days. The RSI has been positive with an upward bias and with good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 715 keeping a stop loss of 650.
BUY PNB
CMP: Rs 79.80
TARGET: Rs 89
STOP LOSS: Rs 75
The stock has been on the rise with a positive bias and is on the verge of testing the significant 200 DMA moving average and we anticipate a breakout above that level to see further upward movement in the near term future. The indicators are favourable and with the chart looking attractive supported by good volume participation, we recommend a buy in this stock for an upside target of 89 keeping a stop loss of 75.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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