 "Support for Nifty is seen at 9800, resistance at 9900: Prabhudas Lilladher")
Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View:
The daily trend in Nifty has turned up after 3 days and as for now has taken support at 9,700 levels giving a bounce to close at 9,850. A move beyond 9,850 would take it further up to 9,880-9,900 levels, however, the support for the day is seen at 9,800 while resistance is seen at 9,900.
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LIC HOUSING FINANCE – BUY
CMP: Rs 659.70
TARGET: Rs 710
STOP LOSS: Rs 625
The stock has witnessed a good correction from the levels of 785 to fall upto 634 and now has indicated a positive bullish candle pattern in the daily chart which signifies potential and strength to rally further upward in the coming days. The RSI has been roaming in the highly oversold zone and now has shown a trend reversal signaling a buy. We recommend this stock for an upside target of 710 keeping a stop loss of 625
RASHTRIYA CHEMICALS & FERTILIZERS - BUY
CMP: Rs 95.90
TARGET: Rs 106
STOP LOSS: Rs 90
The stock has made a higher bottom like pattern in the daily chart and has witnessed some consolidation at around 93.50 levels gaining strength and potential to rise further upward to scale new heights. The RSI indicator has also shown positive bias with a trend reversal signaling a buy and we anticipate further rally in the coming days. We recommend a buy in this stock for an upside target of 106 keeping a stop loss of 90.
DEWAN HOUSING FINANCE CORPORATION – BUY
CMP: Rs 467.75
TARGET: Rs 500
STOP LOSS: Rs 440
The stock has made a V-shaped recovery from the low of 390 levels and has regained strength and momentum significantly and we anticipate the same positive bias further to gain much more upward targets. The RSI is on the rise with also the MACD turning its trend on the positive side anticipating a rally in the coming days. We recommend a buy in this stock for an upside target of 500 keeping a stop loss of 440.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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