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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 

markets, sebi

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

NIFTY VIEW

The market has given a one-way rally gradually progressing above 10900, we may see some profit booking or sideways move at this level, however, the trend still shows an upside projection of 11150. Support for the day is seen at 36280/10910 while resistance is seen at 36675/11020. Bank Nifty would have a range of 27100-27500. Metal stocks have begun showing signs of a bounce back along with other sectors, now Pharma needs to contribute. The bias remains positive.

BUY

CMP: Rs 137.80

TARGET: Rs 155

STOP LOSS: Rs 127

The stock has been on a rising trend and it has decisively moved above the cluster of significant moving averages to look attractive and potential to move further up. The RSI indicator is on the rise supporting to our positive bias view and along with good volume participation seen in recent days, we recommend a buy in this stock for an upside target of 155 keeping a stop loss of 127.

BUY

CMP: Rs 782.65

TARGET: Rs 850

STOP LOSS: Rs 750

The stock after correcting from the recent peak level of around 800 has bottomed out at 694 and has recovered strongly to make a V-shaped pattern. We anticipate the stock to still move further to scale the level of around 850 and with RSI and MACD on the rise with decent volume participation, we recommend a buy in this stock for an upside target of 850 keeping a stop loss of 750.

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

First Published: Thu, December 20 2018. 06:17 IST
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