Prabhudas Lilladher suggests buying Mah Seemless, ITC for today

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

NIFTY VIEW: The weekly and daily trend have turned down with all sectors showing corrective bias. The support for the week is seen at 10,500 while resistance is seen at 10,970. The weightage among the Nifty 50 stocks has drifted more towards the negative and bias for this week continues to be corrective having 10,500 as a crucial support in Nifty.

BUY  MAH SEAMLESS
CMP : Rs 510.35
TARGET : Rs 550
STOP LOSS : Rs 490

The stock has maintained a strong positive bias inspite of the very weak market conditions and the positive candle formation pattern in the daily chart indicates strength and potential to rise further and scale till Rs 545-550 levels in the coming days. The indicators have remained intact and infact has indicated a trend reversal to signal a buy. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 550 keeping a stop loss of Rs 490.

BUY  ITC
CMP : Rs 275.35
TARGET : Rs 295
STOP LOSS : Rs 266

The stock has more or less indicated a higher bottom formation pattern in the daily chart and has well maintained in the falling market to show strength and we anticipate a gradual move upward from here on to scale till Rs 290-295 levels in the coming days. With indicators still in the positive bias mode and with rising volume activity in the stock, we recommend a buy for an upside target of Rs 295 keeping a stop loss of Rs 266.



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