Nifty Outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research At Prabhudas Lilladher:
NIFTY VIEW:
Market so far has maintained itself well above its near term support levels, with Nifty having a resistance at 10,385 & support of 10,200. The RSI on daily chart is on an up move indicating strength & potential to re-test the previous high. The support for the day is seen at 10,280 while resistance is seen at 10,370.
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BUY MAHANAGAR GAS
CMP: Rs 1,113.75
TARGET: Rs 1,245
STOP LOSS: Rs 1,060
The stock has made a double bottom formation at around 1050 and has indicated a bullish candle pattern in the daily chart to signify potential and strength for further rise in the coming days. The stock is looking attractive technically and is poised for a good run and with indicators like RSI showing a trend reversal from the oversold area is signaling a buy. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1245 keeping a stop loss of 1060
BUY TECH MAHINDRA
CMP: Rs 493.85
TARGET: Rs 545
STOP LOSS: Rs 470
The stock has seen a good run in the recent past and is in a trending mode with series of higher bottom formation pattern and has produced a bullish candle to signify strength and potential to rally further and is poised to give a breakout above the previous peak of 515 and we anticipate a fresh bounce from there on to enter a new zone. With the RSI indicating a trend reversal showing a positive bias and also the MACD is indicating positive indications and with good volume activity seen, we recommend a buy in this stock for an upside target of 545 keeping a stop loss of 470
BUY APOLLO TYRES
CMP: Rs 245.70
TARGET: Rs 274
STOP LOSS: Rs 232
The stock has been taking support at the 200 DMA levels and has been maintaining a strong base and now with the formation of a bullish candle has made the stock to look attractive and poised for a decent rise with strength and potential. The RSI has also indicated a steep rise and thus support our view of a positive bias. With decent volume participation and activity seen, we recommend a buy in this stock for an upside target of 274 keeping a stop loss of 232
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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