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Nifty outlook & top trading ideas by Prabhudas Lilladher: Buy DMart, HSCL

Nifty has for now shown resistance at its triple top level near 12,300 levels

Vaishali Parekh  |  Mumbai 

Markets, Buy, Sell, Stocks, Shares
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NIFTY VIEW

On Friday, Nifty retained its weekly trend while Bank Nifty's weekly trend turned down after 16 weeks. Metal index, too, has run up whereby some profit-booking cannot be ruled out. The Pharma index along with IT & Energy index look positive. The weightage among Nifty50 is equally distributed; Nifty has for now shown resistance at its triple top level near 12,300 levels. The support for the week is seen at 41,300/12,020 while resistance is seen at 41,960/12,430. Bank Nifty would have a range of 31,430-32,700.

BUY | CMP: Rs 1,843.55 | TARGET: Rs 2,050 | STOP LOSS: Rs 1,760

The stock has given a decent rally in recent time and after a short consolidation has bottomed out near 1800 levels and indicating a positive trend reversal implying strength for further upward move and with the RSI also showing a positive bias with potential to rise in the coming days. We suggest to buy and accumulate this stock for an upside target of 2050 keeping the stop loss of 1760.

BUY HSCL | CMP: Rs 66.10 | TARGET: Rs 75-80 | STOP LOSS: Rs 60

The stock of Himadri Speciality Chemical Limited has given a breakout above 63 levels for fresh upward move and has implied strength and potential for further rise in the coming days and with the bias maintained positive as indicated by the RSI indicators, the stock would be a good buy for investment. With the volume participation increasing, we recommend to buy and accumulate this stock for an upside target of Rs 75-80 keeping the stop loss of Rs 60.


Disclaimer: Views expressed are the author's own. She may have positions in one or more stocks.

First Published: Mon, January 06 2020. 08:00 IST
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