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Stock recommendations from Prabhudas Lilladher: Buy SBI Life, Welspun Ent

The weekly trend in Nifty and BankNifty continues to be down. The support for the week is seen at 40,300/11,820, while resistance is seen at 41,980/12,380

Vaishali Parekh  |  Mumbai 

Image: iSTOCK
Image: iSTOCK

NIFTY VIEW

Market has very well managed to sustain above 11,650 levels post Budget. Nifty, in fact, has managed to hold above 12,000 level with a strong bounce. The index needs to sustain above 12,150 levels to continue with uptrend. F0ailing this & a move below 12,000 levels would bring in corrective move. The weekly trend in Nifty and BankNifty continues to be down. The support for the week is seen at 40,300/11,820, while resistance is seen at 41,980/12,380. Bank Nifty would have a range of 30,350-32,050.

BUY SBI LIFE

CMP: Rs 947.30


TARGET: Rs 1,040

STOP LOSS: Rs 900

The stock has given a short correction recently and has bottomed out near 885 levels and recovering from thereon to improve the bias and regaining strength and has potential to rise further in the coming days. The RSI has also recovered from its oversold zone and indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of Rs 1,040, keeping the stop loss of Rs 900.

BUY WELSPUN ENT

CMP: Rs 85.45

TARGET: Rs 100

STOP LOSS: Rs 77

The stock has witnessed a steady fall in recent time and currently has bottomed out near 77 levels to form a higher bottom formation pattern in the daily chart to signify strength and has potential to gain further with improved bias and indicators. With decent volume participation witnessed, we suggest to buy and accumulate this stock for an upside target of Rs 100, keeping the base support near Rs 77 levels.

First Published: Mon, February 10 2020. 07:55 IST
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