Support for Nifty is seen at 9875, resistance at 9960: Prabhudas Lilladher

Nifty view and few trading ideas by Vaishali Parekh of Prabhudas Lilladher

Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

 

Nifty View

 

Nifty has its monthly trend up since the past 7 months while the weekly trend is down since 3 weeks. The level of 9,950 still holds as a crucial resistance level. However, the support for the day is seen at 9,875 while resistance is seen at 9,960.

 

CEAT - BUY      

CMP: Rs 1,705.70      

TARGET: Rs 1,860    

STOP LOSS: Rs 1,620

 

The stock has been in consolidation for some time at around 1650 levels and now has picked up with a positive bullish candle formation in the daily chart. The RSI indicator has also recovered from the oversold zone and has indicated a trend reversal to signal a buy. With the ongoing decent volume participation, we recommend a buy in this stock for an upside target of 1860 keeping a stop loss of 1620.

 

BERGER PAINTS - BUY     

CMP: Rs 246    

TARGET: Rs 260    

STOP LOSS: Rs 235

 

The stock has taken support at around 235 levels multiple times and this time too, it has reversed from that level and recovering back. We anticipate further upward move and with the RSI showing positive bias along with the MACD reversing its trend signaling a buy, we recommend a buy in this stock for an upside target of 260 keeping a stop loss of 235.

 

DLF - BUY   

CMP: Rs 185.05   

TARGET: Rs 202   

STOP LOSS: Rs 174

 

The stock has recovered significantly from the low of 153 recently and now is consolidating gaining strength and potential for further upward momentum. The RSI is also on the rise whereas the MACD is also showing positive bias indicating a possible upmove in coming days. With increasing volume participation, we recommend a buy in this stock for an upside target of 202 keeping a stop loss of 174.

 

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