Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:NIFTY VIEW
The week began with positive move with Nifty gaining 81 points closing at the 200DMA. The bias still remains positive with near term resistance seen at 10830. The support for the day is seen at 35530/10700 while resistance is seen at 36040/10830. Bank Nifty would have a range of 26040-26560. The FMCG sector continues to be in good momentum which we have been recommending with selective Auto sectors now to look in to.
BUY VRL LOGISTICS
CMP: Rs 293.65
TARGET: Rs 330
STOP LOSS: Rs 276
The stock has made a decent recovery from the low made at around 248 levels and is maintaining its level currently forming a more or less higher bottom formation pattern in the daily chart to signify strength and has potential to rise further in the coming days. The RSI has been on the rise and with favourable indicators supporting, we recommend a buy in this stock for an upside target of 330 keeping a stop loss of 276.
CMP: Rs 730.30
TARGET: Rs 830
STOP LOSS: Rs 675
The stock has recovered strongly from the bottom made at around 520 levels and is in a consolidation period for quite some time gathering strength and has potential to see further upward movement in the coming days. The stock is on the verge of a breakout above the 740-745 levels and would improve the bias further. Wigh good volume participation witnessed, we recommend a buy in this stock for an upside target of 830 keeping a stop loss of 675.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.