 "Top trading ideas by Prabhudas Lilladher: Buy Infy, Firstsource Solutions")
Market view
Nifty has crossed the hurdle of 10,850 and closed above with higher volume which gives us a scope for further upside with participation coming from IT, Banks and ITC. The support for the day is seen at 35,930/10,820 for Sensex and Nifty, respectively, while resistance is seen at 36,500/10,950. Bank Nifty would have a range of 26,880-27,460. Midcap sector too has got in to momentum showing some pullback rally for now. View is positive with Nifty sustaining above cluster of crucial moving averages.
BUY Infosys
CMP: Rs 754.90
TARGET: Rs 820
STOP LOSS: Rs 730
The stock has almost made a higher bottom formation pattern on the daily chart and has produced a healthy bullish candle to signify strength and has potential to rise further in the coming days with a positive bias. The relative strength index (RSI) has indicated a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 820, keeping a stop loss of Rs 730.
BUY Firstsource Solutions
CMP: Rs 44.25
TARGET: Rs 51
STOP LOSS: Rs 41
The stock has witnessed a decent erosion in the past five to six months and currently has shown signs of bottoming out near Rs 40 levels and given a good bounce back to make the chart look attractive and potentially worth for further upside targets. The RSI has reversed from the highly oversold zone and signaled a buy to make the bias positive. With consistent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 51 keeping a stop loss of Rs 41.
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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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