 "algo trading")
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.
NIFTY VIEW
Nifty goes way beyond the 200DMA bringing in positive bias, with RSI at 61 confirming strength & Bank Nifty has met with near-term target levels of 26950 levels, one needs to be cautiously positive as some profit booking cannot be ruled out with political events to unfold. The support for the day is seen at 35880/10780 while resistance is seen at 36440/10940. Bank Nifty would have a range of 26650-27220. Kotak Bank and ICICI Bank look positive from here on.
BUY TVS MOTOR
CMP: Rs 552
TARGET: Rs 600
STOP LOSS: Rs 530
The stock has been moving in a range bound zone and currently has given a positive candle to move past the significant 50DMA moving average and we anticipate a positive rally in the coming days with favorable factors supporting our view. The RSI has been positive and with improving volume activity seen, we recommend a buy in this stock for an upside target of 600 keeping a stop loss of 530.
BUY KOTAK BANK
CMP: Rs 1212.95
TARGET: Rs 1320
STOP LOSS: Rs 1150
The stock has been consolidating for some time and currently has produced a positive candle pattern in the daily chart to signify strength moving past the significant 200DMA moving average and has been maintaining above the 50DMA moving average. The RSI has indicated a steep rise to show a trend reversal and signal a buy in the stock to maintain a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1320 keeping a stop loss of 1150.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
