 "Top trading ideas from Prabhudas Lilladher: Buy Rain Ind, Sun TV, Nat Alum")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher.
NIFTY VIEW
Nifty has its uptrend since past 17 consecutive days RSI on the daily chart being at 62 levels implies room for further up move. The support for the day is seen at 10510 while the resistance would be at 10620 levels.
BUY RAIN IND
CMP: Rs 351
TARGET: Rs 380 - 390
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STOP LOSS: Rs 325
The stock has been in a consolidation phase for quite some time but has been showing a positive bias with the RSI on the rise and anticipating a further rise in the coming days. With consistent volume activity seen, we recommend a buy in this stock for an upside target of 380 - 390 keeping a stop loss of 325.
BUY SUN TV
CMP: Rs 915.35
TARGET: Rs 960
STOP LOSS: Rs 890
The stock has witnessed a decent correction from the peak of 1000 and has bottomed out at around 825 levels to form a more or less double bottom formation pattern in the daily chart. The stock has given a bounce back and currently has indicated a breakout above the 144 WMA give more strength to move further upwards in the coming days. With good tremendous volume witnessed in the previous session, we recommend a buy in this stock for an upside target of 960 keeping a stop loss of 890.
BUY NAT ALUM
CMP: Rs 87.25
TARGET: Rs 98
STOP LOSS: Rs 82
The stock has moved significantly in the recent past and has made a new high and with the stock moving above the 200 DMA, there is still more upside potential remaining and it can scale upto 98 levels. The indicators has been favourable with a positive bias and with rising volume activity witnessed, we recommend a buy in this stock for an upside target of 98 keeping a stop loss of 82.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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