Support for Nifty seen at 10,400, resistance at 10,500: Prabhudas Lilladher

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

 

NIFTY VIEW:

 

Nifty continues to show resistance at around the 10,500 mark and with regular profit booking witnessed at these levels, we maintain a cautious view at higher levels nearing 10,500. However, the support for the day would be seen at 10400 while the resistance is seen at 10,500 levels.

 

BUY PEL 

CMP: Rs 2,757.35  

TARGET: Rs 3,000   

STOP LOSS: Rs 2,620

 

The stock has been in a consolidation phase for quite some time and now it has produced a positive candle pattern with tremendous volume to signify potential and strength for further upward rise in the coming days. The indicators like RSI has shown a trend reversal signaling a buy and thus supporting our view of a positive bias in the stock. With many of the favourable factors supporting, we recommend a buy in this stock for an upside target of 3000 keeping a stop loss of 2620

 

BUY COLGATE    

CMP: Rs 1,044.20     

TARGET: Rs 1,135    

STOP LOSS: Rs 1,000

 

The stock has witnessed a good decent correction and now it has bottomed out at around 1025 levels which is also where the 200 DMA lies and it has taken support at that level. The RSI has indicated a trend reversal signaling a buy and is poised for an upward move with potential and strength. We anticipate the stock to rise further till 1150 levels and we recommend this stock for a buy for an upside target of 1135 keeping a stop loss of 1000.

 

BUY TATA MOTORS DVR    

CMP: Rs 259.65   

TARGET: Rs 285   

STOP LOSS: Rs 240

 

The stock after making a bottom at around 207 levels has recovered significantly and is in an upward trending mode with regular higher top and higher bottom formation pattern and is poised for an up move with potential in the coming days. The RSI has been on the rise and is showing a positive bias. With the MACD also indicating a trend reversal signaling a buy, we recommend a buy in this stock for an upside target of 285 keeping a stop loss of 240.

 

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