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Buy Fortis Healthcare for a target of Rs 160: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst- technical research at Prabhudas Lilladher.

Vaishali Parekh  |  Mumbai 

Markets, Up, Down, BSE, NSE, Stocks
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outlook and few trading ideas by Vaishali Parekh, research analyst- technical research at

VIEW

has broken a crucial support of 10585 which would imply a further downside to 10400 levels; also Nifty closing below 50DMA confirms the weakness. The support for the day is seen at 34670/10420 while resistance is seen at 35220/10550. would have a range of 25800-26380. Once again it becomes a sell on rising with the level of 10750 as resistance. IT sector along with other sectors continue to show weakness.

BUY

CMP: Rs 150.05

TARGET: Rs 160

STOP LOSS: Rs 144

The stock has been consolidating for quite some time at around 145 – 150 levels and currently has indicated a positive candle pattern in the daily chart to signify strength and has potential to rise in the coming days. The bias has turned positive and with the RSI indicating a trend reversal to signal a buy, there is still more upside to anticipate a rally. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 160 keeping a stop loss of 144.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Tue, December 11 2018. 06:29 IST
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