Nifty outlook and few trading ideas by Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

 

 

NIFTY VIEW

 

 

Nifty has its daily trend in positive while weekly & monthly trend are down which implies inherent weakness in the market. Auto sector for now has been an outperformer while metal stocks have started showing signs of exhaustion. The support for the week is seen at 10260 while resistance is seen at 10620. The view remains corrective.

 

 

BUY BAJAJ FINANCE  

 

CMP: Rs 1,659.35 

      

TARGET: Rs 1780 

    

STOP LOSS: Rs 1,610

 

 

The stock has been maintaining a strong base at around 1600 levels and has shown a positive bias with potential and strength to rise further in the coming days. We anticipate a good run once it gives a breakout above the 200 DMA which lies at around 1670 levels and with the RSI in a positive trend and with decent volume activity, we recommend a buy in this stock for an upside target of 1780 keeping a stop loss of 1610.

 

 

BUY JK LAKSHMI CEMENT   

 

CMP: Rs 431.60      

 

TARGET: Rs 470      

 

STOP LOSS: Rs 410

 

 

The stock has made a gradual recovery from the bottom made at around 390-395 levels and has witnessed a steady growth from there on. The stock has maintained above the significant moving average of 34 WMA and we anticipate a breakout above the previous peak of 460 in the coming days. With consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 470 keeping a stop loss of 410.

 

 

BUY MAHARASHTRA SEAMLESS    

 

CMP: Rs 468.05       

 

TARGET: Rs 535    

 

STOP LOSS: Rs 447

 

 

The stock has witnessed a gradual steady correction from the peak of 551 to bottom out at around 452 levels and is currently consolidating at that level gaining strength and has got the potential to give a decent pullback to scale upto 515 – 520 levels. With the RSI indicating a trend reversal from the oversold zone, it has signaled a buy with a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 535 keeping a stop loss of 447.

 

 

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