Business Standard

Nifty outlook and top trading ideas by Prabhudas Lilladher

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

Vaishali Parekh  |  Mumbai 

Markets, Stocks, BSE, NSE
Photo: Shutterstock.com

and few by Vaishali Parekh, research analyst - technical research at

NIFTY VIEW

The market is witnessing selling pressure at higher levels with Nifty finding it hard to sustain above 10850 levels also with the trend of all periodicity continuing to be down. Most sectors as mentioned earlier continue to show weakness, Bank Nifty still outperforms Nifty. The support for the day is seen at 35650/10725 while resistance is seen at 36040/10830. Bank Nifty would have a range of 27100-27500.

BUY

CMP: Rs 735.55

TARGET: Rs 810

STOP LOSS: Rs 700

The stock has made a correction from the recent peak of 806 to fall till 683 levels and now has bottomed out at around 700 levels. The stock has given a positive candle indicating positive bias and also the RSI has given a positive trend reversal signaling a buy with good decent volume participation. We recommend a buy in this stock for an upside target of 810 keeping a stop loss of 700

BUY

CMP: Rs 232.75

TARGET: Rs 260

STOP LOSS: Rs 220

The stock has been consolidating at around 200 levels for some time maintaining a strong base and now it has moved to make a bullish candle pattern to come out of the consolidation phase. The RSI indicator has reversed its trend to turn positive and signaling a buy. Along with good volume participation, we recommend a buy in this stock for an upside target of 260 keeping a stop loss of 220.

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

First Published: Tue, January 08 2019. 06:29 IST
RECOMMENDED FOR YOU