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Nifty outlook and top trading ideas by Prabhudas Lilladher for today

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

Vaishali Parekh  |  Mumbai 

Sebi, markets

outlook and few by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:

VIEW

has given a pullback from the low of 11394 to form a higher bottom formation pattern in the daily chart and chances of some upside movement in the coming days cannot be ruled out. A similar view is maintained for Bank Nifty also. With the weak global cues accompanied with the rupee and crude concerns, we anticipate volatility in the market. However, the support for the day is seen at 38,000/11,470 while resistance is seen at 38,480/11,600. Bank Nifty would have a range of 27,200-27,730.

BUY

CMP: Rs 77.15

TARGET: Rs 86

STOP LOSS: Rs 72.80

The stock has made a double bottom formation pattern in the daily chart taking support at 73 levels and has given a positive bullish candle signifying strength and has potential to rise still further in the coming days. The chart looks attractive and with the RSI indicating a steep rise with a trend reversal has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside of 86 keeping a of 72.80.

BUY

CMP: Rs 501.10

TARGET: Rs 565

STOP LOSS: Rs 465

The stock has witnessed a good ride gaining strength right from the bottom made at around 340 levels and still has got further potential and strength to carry on the momentum still upside. The stock has indicated a higher bottom formation like pattern in the daily chart and is in rising trend with a positive bias. With consistent volume activity witnessed, we recommend a buy in this stock for an upside of 565 keeping a of 465.

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

First Published: Fri, September 07 2018. 06:19 IST
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