 "Support for Nifty seen at 10,700, resistance at 11,060: Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
The trend of the market has been intact as in spite of all the choppiness Nifty has held on to the support levels with many stocks continuing to make new highs, also Bank Nifty continuing to make new high approaching 27000 levels. The support for the week is seen at 10,700 while the resistance would be at 11,060 levels. Being the expiry week of the F&O segment, we can anticipate volatility.
BUY BIOCON
CMP: Rs 569.35
TARGET: Rs 615
The stock has been indicating a strong support at 535 and now with a positive candle pattern formed signify strength and we anticipate a good run from here on to scale till 610 with a positive bias. The RSI has also improved and has indicated a trend reversal to signal a buy. With volume participation improving, we recommend a buy in this stock for an upside target of 610 keeping a stop loss of 542.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
NIFTY VIEW:
The trend of the market has been intact as in spite of all the choppiness Nifty has held on to the support levels with many stocks continuing to make new highs, also Bank Nifty continuing to make new high approaching 27000 levels. The support for the week is seen at 10,700 while the resistance would be at 11,060 levels. Being the expiry week of the F&O segment, we can anticipate volatility.
BUY BIOCON
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TARGET: Rs 615
STOP LOSS: Rs 540
The stock has been consolidating for quite some time at around 540 levels and now has given a breakout above that range and indicates a positive bias with potential and strength to scale further in the coming days. It has also closed above the significant moving average of 34WMA. The RSI also has shown a trend reversal and we anticipate a good move upwards and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 615 keeping a stop loss of 540.
BUY SHK
CMP: Rs 306.45
The stock has been consolidating for quite some time at around 540 levels and now has given a breakout above that range and indicates a positive bias with potential and strength to scale further in the coming days. It has also closed above the significant moving average of 34WMA. The RSI also has shown a trend reversal and we anticipate a good move upwards and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 615 keeping a stop loss of 540.
BUY SHK
CMP: Rs 306.45
TARGET: Rs 330
STOP LOSS: Rs 288
The stock has been in consolidation phase for quite a while hovering between the range of 285 and 296 levels and now has produced a positive bullish candle pattern in the daily chart to signify further strength to scale upto 330 levels in the coming days. The RSI has shown a steep rise to signal a buy and with rising volume activity, we recommend a buy in this stock for an upside target of 330 keeping a stop loss of 288.
BUY COCHIN SHIPYARD
CMP: Rs 559.40
TARGET: Rs 610
STOP LOSS: Rs 542
STOP LOSS: Rs 288
The stock has been in consolidation phase for quite a while hovering between the range of 285 and 296 levels and now has produced a positive bullish candle pattern in the daily chart to signify further strength to scale upto 330 levels in the coming days. The RSI has shown a steep rise to signal a buy and with rising volume activity, we recommend a buy in this stock for an upside target of 330 keeping a stop loss of 288.
BUY COCHIN SHIPYARD
CMP: Rs 559.40
TARGET: Rs 610
STOP LOSS: Rs 542
The stock has been indicating a strong support at 535 and now with a positive candle pattern formed signify strength and we anticipate a good run from here on to scale till 610 with a positive bias. The RSI has also improved and has indicated a trend reversal to signal a buy. With volume participation improving, we recommend a buy in this stock for an upside target of 610 keeping a stop loss of 542.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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