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Nifty outlook and top stock picks by Prabhudas Lilladher: Buy TCS, Maruti

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

Vaishali Parekh  |  Mumbai 

Buying ideas
Buying ideas

NIFTY VIEW

Nifty has for now held on to the support band of 11,430-11,460 levels. The daily and weekly trend, however, continue to be negative thus making the bias a little bit cautious. The support for the day is seen at 38,600/11,520 while resistance is seen at 39,180/11,650. Bank Nifty would have a range of 30,120-30,750. Infosys result has for now revived the IT Sector, among banks it is Kotak, Federal Bank in green and Sun Pharma has started contributing to the Pharma index.

Stock recommendation:

TCS

Recommendaation: BUY


CMP : Rs 2145.70

TARGET : Rs 2,250

STOP LOSS : Rs 2,080

The stock has indicated a reversal after the recent correction and has showed signs of bottoming out near 2080 levels with the bias improved with favourable indicators. The RSI also has indicated a trend reversal from the oversold zone to signal a buy and with good volume participation witnessed. We recommend a buy in this stock for an upside target of Rs 2250 keeping a stop loss of 2080.

MARUTI

Recommendation: BUY

CMP : Rs 6,079.70

TARGET : Rs 6,370

STOP LOSS : Rs 5,920

The stock has consolidated and has taken support near the 5900 levels and has indicated a positive candle to improve the bias and can further rally in the coming days. The RSI has hit the highly oversold zone and has indicated a trend reversal to signal a buy and with consistent volume activity seen. We recommend a buy in this stock for an upside target of 6370 keeping a stop loss of 5920.

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

First Published: Tue, July 16 2019. 07:39 IST
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