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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 

foreign exchange

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

NIFTY VIEW

The market is waiting for Nifty to cross 10830-10850 levels for higher targets as for now Nifty is holding on to the support of 10650-10700. Support for the day is seen at 35730/10740 while resistance is seen at 36240/10850. Bank Nifty would have a range of 27240-27780. Now with the onset of result season market would continue with its volatility, is currently at a good support level from where a bounce cannot be ruled out, also is the case with sugar stocks which seems to be in the new round of momentum.

BUY

CMP: Rs 1,240.25

TARGET: Rs 1,360

STOP LOSS: Rs 1,190

The stock has given a short correction in recent times and has been consolidating near the 1210-1225 levels for quite some time gathering strength and has the potential to rise further in the coming days. The chart looks quite promising and we can expect an upward move till 1350 - 1370 levels and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 1360 keeping a stop loss of 1190.

BUY MAHINDRA & MAHINDRA

CMP: Rs 723.40

TARGET: Rs 800

STOP LOSS: Rs 704

The stock has recently witnessed a decent correction and has shown signs of bottoming out at around 710-715 levels where it has got a good support base. The chart looks attractive and is poised for an upward move in the coming days with a positive bias. The indicators are favourable and with decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 800 keeping a stop loss of 704.

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

First Published: Wed, January 09 2019. 06:19 IST
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