Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
The daily trend turns up again, however we see no consistency in individual stocks with its movement, market continues to see rotational movement. The support for the day is seen at 10560 while resistance is seen at 10660.
BUY TATA MOTORS
CMP : Rs 330.25
TARGET : Rs 380
STOP LOSS : Rs 300
The stock has taken support at 325 on twice occasions thus making a double bottom formation like pattern in the daily chart and with the promising cues from the indicators, we anticipate a upward rise from here on to scale till 375-380 levels in the coming days. The RSI has indicated a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 380 keeping a stop loss of 300.
BUY UNIPLY INDS
CMP : Rs 474.25
TARGET : Rs 510
STOP LOSS : Rs 445
The stock has witnessed a deep vertical correction from the peak of 486 to bottom out at 360 levels and has given a V-shape recovery to indicate strength to rise further in the coming days. The RSI also has given a bounce back from the oversold zone . With good volume participation witnessed, we recommend a buy in this stock for an upside target of 510 keeping a stop loss of 445.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.