 "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
Nifty has its weekly trend up while its daily & monthly trend continues to be negative. The weightage among Nifty 50 stocks is equally distributed among the positive & negative. The support for the week is seen at 35100/10550 while resistance is seen at 36300/10930. Bank Nifty would have a range of 26200-27440, this also being a truncated week, we would see a narrow range. Bank nifty is comparatively an outperformer, & Nifty has a strong hurdle at 10950, only a decisive past would bring in higher targets.
BUY TATA MOTORS
CMP: Rs 176.25
TARGET: Rs 195
STOP LOSS: Rs 165
The stock has recovered strongly from the bottom made at around 155 levels and has moved past the significant 50 DMA and 34WMA moving averages and has improved the bias. The RSI is positive and is on the rise and has indicated strength and potential to rise further from here on in the coming days. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 195 keeping a stop loss of 165.
BUY CG POWER
CMP: Rs 43.45
TARGET: Rs 52
STOP LOSS: Rs 38
The stock has recently made a bottom formation at around 33 levels and has been consolidating and gradually on the rise gaining strength and currently has produced a positive bullish candle pattern in the daily chart to signify an improved bias and has potential to rise further in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 52 keeping a stop loss of 38.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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