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Top trading ideas by Prabhudas Lilladher: Buy Bajaj Finance, BHEL

Nifty outlook and top trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.

Vaishali Parekh  |  Mumbai 

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VIEW

has so far managed to hold the support of 11,540 levels with stock-specific movement seen in rotation. Bank also going through choppiness while auto sector and NBFC are looking positive along with FMCG. The support for the day is seen at 38,300/11,530 for Sensex and Nifty, respectively, while resistance is seen at 38,880/11,660. Bank Nifty would have a range of 29,500-30,080. All eyes shall be now on TCS and Infosys with the start of results season.

BUY BAJAJ FINANCE

CMP: Rs 3,047.85

TARGET: Rs 3,200

STOP LOSS: Rs 2,980

The stock on several occasions has formed a higher bottom pattern and rallied from the support taken to form a new high. Similarly, a higher bottom formation is indicated currently taking support near Rs 2,980 levels and the relative strength index (RSI) is also on the verge of a trend reversal to imply further strength and potential to rise in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 3,200 keeping a stop loss of Rs 2,980.

BUY BHEL

CMP: Rs 74.35

TARGET: Rs 80

STOP LOSS: Rs 71

The stock has made a higher bottom formation taking support near the significant 200-DMA and has produced a bullish candle to signify strength and has made the chart look attractive with a positve bias maintained. With also the RSI indicating a trend reversal to signal a buy and with good decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 80 keeping a stop loss of Rs 71.

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

First Published: Fri, April 12 2019. 07:58 IST
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