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Support for Nifty seen at 10,790, resistance at 10,900: Prabhudas Lilladher

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

Vaishali Parekh  |  Mumbai 

Photo: Shutterstock.com
Photo: Shutterstock.com

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

VIEW

has surged for the past 5 days, now nearing our of 10900-10920 where we would witness profit booking, also volatility index was on rise as we are nearing the Fed outcome. The support for the day is seen at 10790 while resistance is seen at 10900. FMCG sector seems to be getting ready for yet a new high, we have a bullish view for the same & so also is the case with IT Index.

BUY

CMP: Rs 120.25

TARGET: Rs 140

STOP LOSS: Rs 114

The stock has made a double bottom formation pattern at around 107 levels in the daily chart and with RSI on rise from oversold zone implies signs of bottoming out and ready for a bounce back, which is in sync with PSU Bank Index already giving a break out supports our view. With also the stock moving above the 50 DMA, the bias has been maintained and with decent volume participation witnessed, we recommend a buy in this stock for an upside of 140 keeping a of 114.

BUY

CMP: Rs 656.55

TARGET: Rs 700

STOP LOSS: Rs 640

The stock has witnessed a decent erosion from the peak of 777 and has formed a bottom formation at around 628 levels and has currently indicated a bounce to signify strength and with the RSI on the rise and also the MACD has shown a trend reversal to maintain a positive bias and we anticipate it has got the potential to rise further in the coming days. With the volume participation increasing in the recent times, we recommend a buy in this stock for an upside of 700 keeping a of 640.

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

First Published: Thu, June 14 2018. 06:28 IST
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