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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 

For a liquid secondary market

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

NIFTY VIEW

Nifty with a run from 10480 to 10740 levels is likely to consolidate or witness some profit booking. Bank Nifty still continues to stay positive while Metal sector still has some scope of correction. The support for the day is seen at 35480/10660 while resistance is seen at 35960/10800. Bank Nifty would have a range of 26180-26740.

BUY

CMP: Rs 139

TARGET: Rs 160

STOP LOSS: Rs 125

The stock has been consolidating at around 274 levels and currently has produced a positive bullish candle pattern in the daily chart to signify strength and potential to rise further in the coming days. It has given a close above the cluster of moving averages which is significant. The RSI indicator also has confirmed the buy signal with a trend reversal and we anticipate this stock to rally up to 160 levels. We recommend a buy in this stock keeping a stop loss of 125

BUY

CMP: Rs 1133.20

TARGET: Rs 1200

STOP LOSS: Rs 1075

The stock has made a good correction from around 1275 price to consolidate near the 1080 levels which is forming a good support level. The stock has rallied with good volume participation and with the positive indicator like RSI, we anticipate this stock to move further upwards to around 1200 levels. We recommend a buy in this stock keeping a stop loss of 1075 for an upside target of 1200.

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

First Published: Thu, November 29 2018. 06:22 IST
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