 "Nifty outlook and top trading ideas from Prabhudas Lilladher for today")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher.
NIFTY VIEW
Nifty has made a lower top formation in the daily chart and is poised for some more downside movement in the coming days. The near term support is maintained at around 10550 levels which when breached may witness further fresh sell off to retest the 200DMA level which is at 10280 levels. However, the support for the week is seen at 10440 while resistance is seen at 10780.
BUY PRAKASH INDS
CMP: Rs 203.85
TARGET: Rs 230
Also Read
STOP LOSS: Rs 190
The stock has made more or less a higher bottom formation pattern in the daily chart taking support at 192 levels and signify strength and potential to rise further in the coming days. The stock has maintained above the significant 50 DMA level and also has moved above the 34WMA moving average to maintain a positive bias and with the RSI indicating a recovery path there is much scope for improvement. With minimum risk on the downside and with the chart looking attractive for a decent return, we recommend a buy in this stock for an upside target of 230 keeping a stop loss of 190.
BUY TATA SPONGE IRON
CMP: Rs 1117.80
TARGET: Rs 1235
STOP LOSS: Rs 1060
The stock has made a perfect higher bottom formation pattern in the daily chart maintaining above the 50DMA level and also moving above the significant 34 WMA moving average level. The stock is poised for an up move and with the RSI indicating a trend reversal to signal a buy, it has maintained a positive bias to make the chart look attractive. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1235 keeping a stop loss of 1060.
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%