 "Weekly resistance for Nifty at 10,200 levels: Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View:
Nifty, after several failed attempts, is taking great difficulty to cross the peak level of 10,137 and is moving in a narrow range coupled with the geopolitical tensions prevailing. The weekly trend has turned up after five weeks and technically, there is no negative signal to create any chaos. However, the support for the week is seen at 9,940 while resistance is seen at 10,200.
BUY ALLAHABAD BANK
CMP: Rs 72.50
TARGET: Rs 79
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STOP LOSS: Rs 68
The stock has recovered strongly from the low of Rs 63 and has moved on significantly and now has given a breakout above the 200-DMA level which was at around Rs 71 to indicate potential and strength to scale further upside. The RSI has been on the rise so is the MACD and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 79 keeping a stop loss of Rs 68.
BUY LUPIN
CMP: Rs 1009.55
TARGET: Rs 1120
STOP LOSS: Rs 965
The stock has been in consolidation phase for some time after a huge correction and has now indicated a revival with positive bias and we anticipate a further bounce back to Rs 1130. The RSI has been on the rise and recently has indicated a trend reversal to signal a buy. With decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1120 keeping a stop loss of Rs 965.
BUY VEDANTA
CMP: Rs 319
TARGET: Rs 344
STOP LOSS: Rs 305
The stock has had a dream run from the levels of Rs 233 to make a top at around Rs 335 level and then had witnessed a small correction and now has taken support at 34-WMA and is showing positive signs of a turn around. With decent volume participation witnessed and a formation of a Doji like pattern in the daily chart, we recommend a buy in this stock for an upside target of Rs 344 keeping a stop loss of Rs 305.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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