 "Nifty outlook for today: Maintain caution, wait for market to stabilize")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW: Market saw a decent recovery from the lows of 10,586 and as of now the level of 10,550 for Nifty can be considered as the major support. The sentiment remains still pessimistic unless and until Nifty gives a close above 10,850 levels. The support for the day is seen at 10,600 while resistance is seen at 10,720. We maintain a cautious view and wait for the market to stabilize.
NIFTY VIEW: Market saw a decent recovery from the lows of 10,586 and as of now the level of 10,550 for Nifty can be considered as the major support. The sentiment remains still pessimistic unless and until Nifty gives a close above 10,850 levels. The support for the day is seen at 10,600 while resistance is seen at 10,720. We maintain a cautious view and wait for the market to stabilize.
BUY SUN PHARMA
CMP: Rs 557.45
TARGET: Rs 605
STOP LOSS: Rs 535
The stock has witnessed a decent correction from the peak of Rs 595 and has now bottomed out at Rs 544 levels which is also where the significant moving average of 200 DMA lies and now has moved above that average to show strength and signifies a positive bias for further upward move. The volume participation has been promising and we recommend a buy in this stock for an upside target of Rs 605 keeping a stop loss of Rs 535.
BUY IGL
CMP: Rs 296.75
TARGET: Rs 335
STOP LOSS: Rs 280
The stock has indicated a gradual correction in the recent days from the level of Rs 345 and has bottomed out at Rs 285 to indicate a recovery from here on. The RSI has hit highly oversold zone and is poised for a bounce back to regain strength and potential to rise further in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 335 keeping a stop loss of Rs 280.
BUY EQUITAS HOLDING
CMP: Rs 138.90
TARGET: Rs 156
STOP LOSS : Rs 130
The stock has corrected well and has bottomed out at around Rs 133 levels and has made a more or less double bottom formation pattern in the daily chart to see a further upward move in the coming days. The chart looks promising and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 156 keeping a stop loss of Rs 130.
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