 "Nifty outlook and trading ideas from Prabhudas Lilladher for today's trade")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher
NIFTY VIEW:
Nifty technically now sees no trigger for further up move, with RSI on daily nearing overbought zone, however there is no confirmation for a corrective move, but definitely a cautious view with stock specific focus is suggested. The support for the day is seen at 10,370 while resistance is seen at 10,470.
Also Read
BUY LIC HOUSING FINANCE
CMP: Rs 605.55
TARGET: Rs 670
STOP LOSS: Rs 585
The stock has corrected well from the peak level of 790 and now it has bottomed out at around 590 levels to show a positive candle pattern with scope of further upward rise with potential and strength. The stock looks attractive with a good risk-reward ratio and with the indicators like RSI showing a trend reversal signaling a buy, its supporting our view of a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 670 keeping a stop loss of 585
BUY RECL
CMP: Rs 181.70
TARGET: Rs 205
STOP LOSS: Rs 170
The stock has given a breakout above the significant 200 DMA and is poised for an upward movement in the coming days with potential and strength to scale upto 205 levels. The RSI has been on the rise indicating strong positive bias and with volume activity on the improving side, we recommend a buy in this stock for an upside target of 205 keeping a stop loss of 170.
BUY GODREJ CONUSMER
CMP: Rs 978.40
TARGET: Rs 1,080
STOP LOSS: Rs 940
The stock is in a trending mode and recently it has made a higher bottom formation pattern in the daily chart and has significantly regained from thereon. We anticipate a breakout above the previous peak level of 997 and can scale further upside for a target of 1080 levels. With good volume participation seen, we recommend a buy in this stock for an upside target of 1080 keeping a stop loss of 940.
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%