Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher.
Nifty has crossed the 10450 level and nearing the significant 10500 mark where the major resistance is anticipated and with the daily trend up since the past 12 days exhaustion is in the vicinity. The daily chart of midcap index showed some consolidation at the higher level and chances of a correction in the coming days cannot be ruled out. However, the support for the day is seen at 10400 while the resistance would be at 10520 levels.
BUY CAMLIN FINE
CMP: Rs 114.60
TARGET: Rs 128
STOP LOSS: Rs 105
The stock has produced a bullish candle pattern in the daily chart to indicate a breakout above the previous peak of 111 and the 50 DAMA accompanied by a breach on the upper side from the short consolidation phase at around 107-110 levels to signify strength and potential to rise further in the coming days. The RSI has been strong which is on the rise and has maintained a positive bias along with the MACD indicator. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 128 keeping a stop loss of 105.
CMP: Rs 138.30
TARGET: Rs 152
STOP LOSS: Rs 130
The stock has indicated a higher bottom formation pattern in the daily chart with a breakout above the 50DMA moving average to signify further rise with potential and strength in the coming days. The RSI has indicated a trend reversal to signal a buy and maintain a positive bias. With consistent volume participation seen, we recommend a buy in this stock for an upside target of 152 keeping a stop loss of 130.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.