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Nifty Outlook and top trading ideas by CapitalVia: Buy SRF, Adani Ports

Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor

Nifty Outlook and top trading ideas by CapitalVia: Buy SRF, Adani Ports

Nifty View:
 
Markets this week started on a positive note and managed to close above 11,000 level after five trading sessions with a close at 11,003.05, gaining 0.52% on firm global cues. Niftybank showed more strength with gains of 0.94 percent at 27,504.70. As per option data, huge put writing on lower strikes ranging from 10,900 to 11,000 will act as support for this truncated weekly expiry. We can witness resistance on higher end at 11,100 and 11,200 as highest OI stands on these strikes. We should keep a positive bias on the Nifty and any dip will be an opportunity for the traders keeping 10,900 as a base.

Stock recommendation:
 
SRF

Buy above Rs 2,805
 
Target: Rs 2,960
 
Stop loss: Rs 2,685
 
The stock is showing signs of a breakout from the levels of 2,805 and has given breakout on daily charts, stock is trading near its 200-day EMA and breakout will result in good upside momentum.
Considering the technical evidence discussed above, we recommend buying the stock above 2,805 for the target of Rs 2960, keeping a stop loss at Rs 2685 on closing basis.
 
Adani Ports

Buy: Rs 372
 
Target: Rs 392
 
Stop loss: Rs 361
 
After consolidating in a narrow range, the stock has given a breakout from the support of 360 levels and further bullish momentum can be expected. We recommend buying the stock at 372 for the target of Rs 392, keeping a stop loss at Rs 361 on closing basis.

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Disclaimer: The analyst does not hold position in any of the stocks mentioned above.