 "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 and Bank Nifty have got their daily trend turned down after 8 days bringing in weakness and pessimism amongst the market players. The near term support of 10980 was broken in Nifty, along with Bank Nifty too not participating, it is still tech sector outperforming. The support for the day is seen at 10870 while resistance is seen at 10980. The view is now cautious and corrective.
BUY YES BANK
CMP : 378.50
TARGET : 440
STOP LOSS : 345
CMP : 378.50
TARGET : 440
STOP LOSS : 345
The stock has given a decent rally and has indicate a breakout above the 368 – 370 levels to signify strength and further potential to rise in the coming days. The RSI has been strong so as is the MACD which has maintained a positive bias and we anticipate further upside from here on to scale till 420 – 440 levels. With tremendous volume participation witnessed, we recommend a buy in this stock for an upside target of 440 keeping a stop loss of 345.
BUY APOLLO TYRES
CMP : 268.25
TARGET : 295
STOP LOSS : 255
CMP : 268.25
TARGET : 295
STOP LOSS : 255
The stock has made a bottom formation at around 250 levels and has given a good bounce and has currently moved past the significant 200 DMA to signify strength to take the stock to further upsides. The indicators are favourable with the RSI on the rise so also the MACD has indicated a trend reversal recently to signal a buy and has maintained a positive bias overall. With decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 295 maintaining a stop loss of 255.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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