Resistance on Nifty seen in range of 10,300-10,350: HDFC Securities

Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC securities: 

Nifty View: In the period of December 6, 2017 to December 11, 2017, Nifty recovered sharply from 10,033 to 10329 in the span of just 3 sessions. However, lower top and lower bottom formation is still intact on the Nifty daily chart, indicating the profit-booking taking place on rise. on Wednesday, Nifty corrected more than 80 points, which does not indicate any change in a trend but we need to observe if Nifty forms higher bottom or not. Higher bottom above 10,030, followed by higher top above 10,329 would violate the bearish setup for Nifty and in that case we may see Nifty forming new all time high above 10,490. Any level below 10,033 may create further panic.  

Buy KSB Pumps

CMP: Rs 897

SL: Rs 850

Target: Rs 1000

Stock seems to have broken out from the consolidation holding for last three Months. Yesterday the stock closed at its all-time high of Rs 897. Primary trend has been bullish with higher tops and higher bottoms. Oscillators like MACD, ADX and KST are indicating bullish trend for the stock. Short term moving averages are trading above long term moving averages. Considering the technical evidences discussed above, we recommend buying the stock between Rs 897 and Rs 865, for the target of Rs 1000, keeping a stoploss at Rs 850 on closing basis.  

  

Buy UFO MOVIEZ

CMP: Rs 505

SL: Rs 475

Target: Rs 550

Stock price has surpassed the crucial resistance of multiple tops placed in the range of Rs 490-500. Stock closed at its 52-week high of Rs 504.65. Volumes during price breakout were significantly higher indicating strength in the trend. Primary trend of the stock has been bullish with higher tops and higher bottoms. Oscillators are also indicating bullish trend for the stock. Media as a sector is likely to outperform in the coming days. Considering the technical evidences discussed above, we recommend buying the stock between Rs 505 and Rs 485, for the target of Rs 550, keeping a stoploss at Rs 475 on closing basis.  

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.