Top trading ideas by Prabhudas Lilladher: Buy Bank of India, Hind Zinc
Nifty outlook and trading ideas from Vaishali Parekh, technical analyst at Prabhudas Lilladher
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Last Updated : Jul 25 2018 | 6:31 AM IST
NIFTY VIEW
Nifty much to our liking continues to surge with supporting indicators and participation coming from many frontline stocks which looks healthy along with mid-cap showing signs of bottoming out and moving higher. The support for the day is seen at 11070 while resistance is seen at 11200. Axis, ICICI, SBI now have a favourable risk reward ratio.
BUY BANK OF INDIA
CMP: Rs 87.85
TARGET: Rs 103
STOP LOSS: Rs 80
The stock has witnessed much erosion from the peak level and recently has bottomed out at around 76.50 levels and given a bounce back. The current cluster of positive candles signify strength and has the potential to rise further in the coming days to scale till 100-103 levels. The RSI has recently indicated a trend reversal to signal a buy and is on the rise. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 80.
BUY HIND ZINC
CMP: Rs 272.60
TARGET: Rs 305
STOP LOSS: Rs 260
The stock has indicated a good revival from the bottomed made at around 260 levels and looks potential for an upward move with potential and strength and with the RSI currently showing a trend reversal has also signaled a buy. The chart looks attractive for further rally and can scale upto 300-310 levels. With good volume activity seen, we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 260.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.