 "Support for Nifty seen at 10,400, resistance at 10,500: Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
Nifty continues to show resistance at around the 10,500 mark and with regular profit booking witnessed at these levels, we maintain a cautious view at higher levels nearing 10,500. However, the support for the day would be seen at 10400 while the resistance is seen at 10,500 levels.
Also Read
BUY PEL
CMP: Rs 2,757.35
TARGET: Rs 3,000
STOP LOSS: Rs 2,620
The stock has been in a consolidation phase for quite some time and now it has produced a positive candle pattern with tremendous volume to signify potential and strength for further upward rise in the coming days. The indicators like RSI has shown a trend reversal signaling a buy and thus supporting our view of a positive bias in the stock. With many of the favourable factors supporting, we recommend a buy in this stock for an upside target of 3000 keeping a stop loss of 2620
BUY COLGATE
CMP: Rs 1,044.20
TARGET: Rs 1,135
STOP LOSS: Rs 1,000
The stock has witnessed a good decent correction and now it has bottomed out at around 1025 levels which is also where the 200 DMA lies and it has taken support at that level. The RSI has indicated a trend reversal signaling a buy and is poised for an upward move with potential and strength. We anticipate the stock to rise further till 1150 levels and we recommend this stock for a buy for an upside target of 1135 keeping a stop loss of 1000.
BUY TATA MOTORS DVR
CMP: Rs 259.65
TARGET: Rs 285
STOP LOSS: Rs 240
The stock after making a bottom at around 207 levels has recovered significantly and is in an upward trending mode with regular higher top and higher bottom formation pattern and is poised for an up move with potential in the coming days. The RSI has been on the rise and is showing a positive bias. With the MACD also indicating a trend reversal signaling a buy, we recommend a buy in this stock for an upside target of 285 keeping a stop loss of 240.
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%