 "Nifty outlook and trading ideas by Prabhudas Lilladher for today's trade")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View:
Indices are witnessing selling at these levels; however a decisive break of 10,080 in Nifty or a move past 10,180 would bring in clarity for the next move. However, the support for the day is seen at 10,100 while resistance is seen at 10,200.
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KARNATKA BANK - BUY
CMP: Rs 154.80
TARGET: Rs 170
STOP LOSS: Rs 145
The stock has recently given a breakout above the previous resistance level of 138 & we anticipate further more rally with potential & strength to scale new high. The RSI indicator also shows a steep rise supporting our positive bias. With decent volume participation, we recommend a buy in this stock for an upside target of 170 keeping a stop loss of 145.
BALRAMPUR CHINI - BUY
CMP: Rs 172.40
TARGET: Rs 190
STOP LOSS: Rs 163
The stock after making a low of 168 has recovered strongly & we anticipate it to give a breakout above the previous high of 182 & with positive bias indicators the stock looks potential to move upwards around 185 – 190 levels. We recommend a buy in this stock for an upside target of 190 keeping a stop loss of 163.
ALPHAGEO - BUY
CMP: Rs 805
TARGET: Rs 880
STOP LOSS: Rs 760
The stock has made a higher bottom formation pattern in the daily chart & has recovered there on to move upward & we anticipate it to give a breakout above previous peak of 926.40 with potential & strength. We recommend a buy in this stock for an upside target of 880 keeping a stop loss of 760.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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