Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher
The market has managed to hold on to the support of 10530 levels to surge higher, however Nifty needs to move past 10950 for targets of 11000. The support for the day is seen at 35500/10700 while resistance is seen at 36100/10850. Bank Nifty would have a range of 26570-27170. The daily trend of Nifty and BankNifty has been down for the 4th day and the weekly trend of both indices is also a threat.
CMP: Rs 325.10
TARGET: Rs 370
STOP LOSS: Rs 302
The stock has maintained a good base at around 305 levels and currently has indicated a trend reversal to make the chart look attractive and is poised for further upward movement in the coming days. The RSI has turned positive with a trend reversal improving the bias and has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 370 keeping a stop loss of 302.
CMP: Rs 1,113.70
TARGET: Rs 1,220
STOP LOSS: Rs 1,080
The stock has made a higher bottom formation pattern in the daily chart to take support at 1085 levels and has maintained above the 200DMA and 50DMA moving averages to signify strength and has the potential to rise further from here on. The chart looks attractive and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 1220 keeping a stop loss of 1080.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.