 "Prabhudas Lilladher suggests buying Mah Seemless, ITC for today")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW: The weekly and daily trend have turned down with all sectors showing corrective bias. The support for the week is seen at 10,500 while resistance is seen at 10,970. The weightage among the Nifty 50 stocks has drifted more towards the negative and bias for this week continues to be corrective having 10,500 as a crucial support in Nifty.
NIFTY VIEW: The weekly and daily trend have turned down with all sectors showing corrective bias. The support for the week is seen at 10,500 while resistance is seen at 10,970. The weightage among the Nifty 50 stocks has drifted more towards the negative and bias for this week continues to be corrective having 10,500 as a crucial support in Nifty.
BUY MAH SEAMLESS
CMP : Rs 510.35
TARGET : Rs 550
STOP LOSS : Rs 490
CMP : Rs 510.35
TARGET : Rs 550
STOP LOSS : Rs 490
The stock has maintained a strong positive bias inspite of the very weak market conditions and the positive candle formation pattern in the daily chart indicates strength and potential to rise further and scale till Rs 545-550 levels in the coming days. The indicators have remained intact and infact has indicated a trend reversal to signal a buy. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 550 keeping a stop loss of Rs 490.
BUY ITC
CMP : Rs 275.35
TARGET : Rs 295
STOP LOSS : Rs 266
CMP : Rs 275.35
TARGET : Rs 295
STOP LOSS : Rs 266
The stock has more or less indicated a higher bottom formation pattern in the daily chart and has well maintained in the falling market to show strength and we anticipate a gradual move upward from here on to scale till Rs 290-295 levels in the coming days. With indicators still in the positive bias mode and with rising volume activity in the stock, we recommend a buy for an upside target of Rs 295 keeping a stop loss of Rs 266.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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%