 "Nifty outlook and top trading ideas by Prabhudas Lilladher for today")
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.
NIFTY VIEW
The market continues to consolidate at these levels, however daily & weekly trend in Nifty is positive while Bank Nifty has got its daily trend turned down. The support for the day is seen at 35850/10800 while resistance is seen at 36400/10930. Bank Nifty would have a range of 26400-26980.market once again is clueless at this level, all eyes on RBI Policy. IT Sector has once again got in a new round of momentum, Wipro, Hexaware, TCS etc look promising.
BUY ONGC
CMP: 146.15
TARGET: 162
STOP LOSS: 138
The stock has witnessed a decent correction from the peak of 164 to bottom out at around 138 levels and has indicated a good bounce back with positive candle pattern in the daily chart to signify strength and has potential to rise further in the coming days. The RSI has shown a trend reversal from the oversold zone to signal a buy and has maintained a positive bias and with rising volume activity seen, we recommend a buy in this stock for an upside target of 162 keeping a stop loss of 138.
BUY VIJAYA BANK
CMP: 42.05
TARGET: 47
STOP LOSS: 40
The stock has been in consolidation for quite some time maintaining a strong base at around 40 levels and moving between the range of 40 and 45 levels in the past 2 months. Currently, there is an indication of a positive candle pattern to signify a positive bias and has the strength to carry on the momentum still further upwards in the coming days. The RSI has turned positive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 47 keeping a stop loss of 40.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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