 "Nifty outlook and top trading ideas by Prabhudas Lilladher")
NIFTY VIEW
With market being in overbought zone, it is advisable to book profit and see the next move of the market. Support for the week is seen at 37,370 and 11,220 for Sensex and Nifty, respectively, while resistance is seen at 38,560 and 11,600. Bank Nifty would have a range of 28,700-29,930. Besides, among the Nifty50 stocks, 42 are on the positive side which will doesn’t last for long. This, too, implies some profit-booking. Stocks like M&M, Tata Chemicals, BHEL, BEL, etc look positive from here on.
BUY BHEL
CMP: Rs 67.80
TARGET: Rs 75
STOP LOSS: Rs 63
The stock has made a decent correction right from Rs 71.35 to Rs 66 levels and has made a trend reversal with a healthy green candle pattern. It has given a close above 34-WMA which is significant. The relative strength index (RSI) indicator also has confirmed the buy signal with a trend reversal and we anticipate this stock to rally upto Rs 75 levels. We recommend a buy in this stock keeping a stop loss of Rs 63.
BUY HDFC LIFE
CMP: Rs 369.85
TARGET: Rs 400
STOP LOSS: Rs 340
The stock has made a good correction from around Rs 393.70 level to consolidate near the Rs 365 levels which is forming a good support level. The stock has rallied with good volume participation and with the positive indicator like RSI, we anticipate it to move further upwards to around Rs 400 levels. We recommend a buy in this stock keeping a stop loss of Rs 340 for an upside target of Rs 400.
========================
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%