Business Standard
Web Exclusive

Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

Here is the weekly technical view on Nifty and stock recommendation by Prabhudas Lilladher

Vaishali Parekh  |  Mumbai 

Image: iSTOCK
Image: iSTOCK

NIFTY VIEW

Nifty made a U-turn after making a low of 10,670 to close above 11,250, which is also above 200-DMA. Thee index now needs to sustain above to confirm a positive bias. The weekly trend remains intact and the daily trend also has turned positive. IT sector now shows fatigue while other sectors have now come in limelight. The support for the week is seen at 37,320/11,050 while resistance is seen at 38,700/11,500. Bank Nifty would have a range of 28,280-29,700

BUY LARSEN TOUBRO

CMP: Rs 1,411


TARGET: Rs 1,580

STOP LOSS: Rs 1,280

The stock has witnessed a decent correction from the levels of 1,600 to take support and bottom out near 1,280 levels and has currently given a huge positive candle to signify strength and has potential to rise further with a positive bias in the coming days. The RSI also has indicated strength with a steep rise and has signaled a buy. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,550 – 1,580 levels, keeping a stop loss of Rs 1,280.

BUY BATA

CMP: Rs 1,628

TARGET: Rs 1,800

STOP LOSS: Rs 1,550

The stock has indicated a fresh breakout above the consolidation zone with a huge bullish candle pattern to show strength and has made the chart attractive with positive RSI and favorable indicators to support for still more further upward movement. The volume has been tremendous and consistent and we suggest to buy this stock for an upside target of Rs 1,800, keeping a stop loss of Rs 1,550.

====================================
Disclaimer: Views expressed are the author's own. She may have positions in one or all of the above mentioned stocks.

First Published: Mon, September 23 2019. 06:35 IST
RECOMMENDED FOR YOU