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Nifty outlook and top trading ideas from Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher.

Vaishali Parekh  |  Mumbai 

Photo: Shutterstock.com
Photo: Shutterstock.com

NIFTY VIEW

Nifty makes a bearish engulfing candle closing below 200DMA with again in a process of lower top formation implying strong resistance at 10300 and a new round of selling cannot be ruled out. The support for the day is seen at 10070 while the resistance would be at 10180 levels. We maintain a cautious view for the coming days.

BUY

CMP: Rs 324.95

TARGET: Rs 378

STOP LOSS: Rs 310

The stock has witnessed a slow and gradual correction from the peak of 378 to bottom out at around 307 levels and is in a consolidation phase gaining potential and strength to anticipate a rise in the coming days. The RSI has been on the rise with the MACD also showing a trend reversal signaling a buy. With the volume participation picking up, we recommend a buy in this stock for an upside target of 378 keeping a stop loss of 310.

BUY CENTURY PLY

CMP: Rs 333.80

TARGET: Rs 365

STOP LOSS: Rs 314

The stock has been in consolidation phase for quite some time but has been showing a positive bias with the RSI on the rise and anticipating a further rise in the coming days. Also the MACD is on the improvement and gaining strength. With consistent volume activity seen, we recommend a buy in this stock for an upside target of 365 keeping a stop loss of 314.

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

First Published: Thu, April 05 2018. 06:29 IST
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