Nifty outlook and few trading ideas by Vaishali Parekh, research analyst- technical research at Prabhudas Lilladher:
Nifty witnessed a great week to close above the 10800 levels but the last 2 days saw resisting near the 10830 levels. Similarly, Bank Nifty too recovered strongly but need to cross the level of 27050 for further upward movement. However, the support for the week is seen at 35320/10600 while resistance is seen at 36460/10970. Bank Nifty would have a range of 26140-27350. Some volatility is anticipated and the chances of some profit booking cannot be ruled out in the coming days
CMP: Rs 578.75
TARGET: Rs 635
STOP LOSS: Rs 555
The stock has indicated a higher bottom formation pattern in the daily chart taking support at 530 levels which is also where the 50DMA moving average was lying and has bounced back strongly to move past the 200DMA moving average to indicate a breakout. The chart looks attractive and with the RSI also in a positive trend has improved the bias and with decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 635 keeping a stop loss of 555.
CMP: Rs 444.05
TARGET: Rs 490
STOP LOSS: Rs 420
The stock has indicated a higher bottom formation pattern in the daily chart taking support at the significant 34WMA and 50DMA moving averages and has given a tremendous bounce to signify strength and potential to rise further in the coming days. With the RSI on the rise and also the MACD indicating a positive bias, the chart looks attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 490 keeping a stop loss of 420.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.