 "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
Market consolidates in this very narrow range with Bank Nifty too consolidating after a good run-up. The support for the day is seen at 35850/10750 while resistance is seen at 36370/10900. Bank Nifty would have a range of 27230-27800. Market still observes an absolute stock specific movement, sector-wise Pharma is now showing signs of a pickup.
BUY STERLITE TECH
CMP: Rs 290.30
TARGET: Rs 325
STOP LOSS: Rs 277
CMP: Rs 290.30
TARGET: Rs 325
STOP LOSS: Rs 277
The stock has made a triple bottom formation pattern in the daily chart taking support on several occasions at around 280 levels and currently looks poised for an upmove to give a bounce back. The chart looks attractive and with the indicators turning out to be favourable, a positive bias is maintained. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 325 keeping a stop loss of 277.
BUY TRIDENT
CMP: Rs 70.95
TARGET: Rs 80
STOP LOSS: Rs 65
CMP: Rs 70.95
TARGET: Rs 80
STOP LOSS: Rs 65
The stock has been consolidating with a round bottom formation and has recently picked up with a bullish candle pattern to signify strength and has the potential to rise further upward to give a breakout. The chart looks promising and with favourable indicators supporting our view accompanied with decent volume participation, we recommend a buy in this stock for an upside target of 80 keeping a stop loss of 65.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above
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