Support for Nifty seen at 11,260, resistance at 11,370: Prabhudas Lilladher

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

NIFTY VIEW

Nifty continues with its up move with its daily trend up since 6 days. Sectors in rotation continue to contribute to the indices. The auto sector has now got into a new round of momentum along with other sectors. Maruti, Hero MotoCo, etc. look favorable at this level for higher targets. The support for the day is seen at 11,260 while resistance is seen at 11,370.

BUY COLGATE PALMOLIVE     

CMP: Rs 1,123.05      

TARGET: Rs 1,230     

STOP LOSS: Rs 1,080

The stock has given a good erosion from the peak level and has currently indicated a decent revival candle pattern to signify strength and potential for a further rise in the coming days. The RSI has shown a trend reversal from the oversold zone indicating a positive bias and has initiated a buy signal. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1,230 keeping a stop loss of 1,080.

BUY DREDGING CORP      

CMP: Rs 502.60      

TARGET: Rs 540       

STOP LOSS: Rs 475

The stock has witnessed a decent erosion from the peak of 922 and currently has indicated signs of bottoming out at around 455 levels and made a good revival. There is much potential for a further rise from here on and we anticipate a rally up to 540 -550 levels in the coming days. The indicators look favourable with the RSI indicating a trend reversal and bouncing back and has maintained a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 540 keeping a stop loss of 475.

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