 "Top trading ideas by Prabhudas Lilladher: Buy HUL, Torrent Pharma")
NIFTY VIEW
Within two days, the Nifty50 index has surged 2.4 per cent, while Bank Nifty has rallied 2.46 per cent. Bank Nifty, for now, would see some profit-booking while the benchmark index Nifty has its resistance at 11,450 levels. Pharma has got momentum. The support for the day is seen at 37,240/11,220 for Sensex and Nifty, respectively, while resistance is seen at 37,820/11,370 levels. Bank Nifty would have a range of 28,140-28,740 levels. IndusInd Bank and Kotak Mahindra Bank look positive from here on.
BUY Hindustan Unilever
CMP: Rs 1,734.80
TARGET: Rs 1,850
STOP LOSS: Rs 1,675
The stock has witnessed a decent price erosion in recent times and now has taken support at the 200-day moving average (DMA) which lies at Rs 1,695 levels and has indicated a bounce back with a positive bullish candle formation pattern on the daily chart. The chart looks very attractive and implies further strength and potential to rise in the coming days, maintaining a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,850 keeping a stop loss of Rs 1,675.
BUY Torrent Pharma
CMP: Rs 1,841.90
TARGET: Rs 1,960
STOP LOSS: Rs 1,760
The stock has maintained a strong base around Rs 1,750 levels and has currently indicated a bullish candle to signify strength. It has moved past the significant 50-day moving average (DMA) to improve the bias. The relative strength index (RSI) also has made a steep rise with a trend reversal to signal a buy and with good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1,960 keeping a stop loss of Rs 1,760.
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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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