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Top trading ideas by Prabhudas Lilladher: Buy Apollo Tyres, Hero Motocorp

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

gets its daily trend turned up after 7 days and Bank Nifty‘s daily trend has turned up after 5 days. Also Nifty has crossed & closed above the hurdle of 10,730-10,750 implying room for further upside to the of 10,800-10,850. The support for the day is seen at 10,710 while resistance is seen at 10,830. Mid Cap sector as mentioned earlier looks promising from here on & also Pharma sector with stocks like Lupin, etc.

BUY

CMP: Rs 3,458.80

TARGET: Rs 3640

STOP LOSS: Rs 3,380

The stock has witnessed a decent erosion from the peak of 3700 to show signs of bottoming out around 3400 levels and has formed a good base at these levels on several occasions and we anticipate a revival from these levels. The RSI has indicated a trend reversal from the highly oversold zone to signal a buy and has improved the bias. With good volume participation witnessed, we recommend a buy in this stock for an upside of 3640 keeping a of 3380.

BUY APOLLO TYRES

CMP: Rs 253.30

TARGET: Rs 270

STOP LOSS: Rs 244

The stock has corrected well in recent times from the level of around 300 to bottom out at around 250 levels and has indicated a positive candle pattern in the daily chart to signify strength and potential to rise further in the coming days. The RSI also has bottomed out and has shown a trend reversal from the oversold zone to signal a buy and has moved to a positive bias zone. With good volume activity witnessed, we recommend a buy in this stock for an upside of 270 keeping a of 244.

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

First Published: Thu, July 05 2018. 06:22 IST
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