Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher
The market continues with its downslide with RSI & MDI on daily chart supporting the corrective move. Nifty for now has held on to the trendline support of 10660, a move below calls for further correction. The support for the day is seen at 35180/10580 while resistance is seen at 35730/10720. Bank Nifty would have a range of 26400-26980. All sectors barring IT index have shown signs of a corrective move.
CMP: Rs 71.25
TARGET: Rs 80
STOP LOSS: Rs 65
The stock has made a bottom at around 61 levels and given a good bounce to give a breakout above the previous high of 71 levels and has signified strength and potential to rise further and carry on with the same momentum in the coming days. The stock has improved the bias with the trend reversal and the chart looking attractive for more upside targets. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 80 keeping a stop loss of 65.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.