Support for Nifty seen at 10,120, resistance at 10,450: Prabhudas Lilladher
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:
Nifty has given a strong bounce back, however for the confirmation of this continuation of the up move, it is essential for Nifty to move past 10,350-10,380 levels decisively. The support for the week is seen at 10,120 while resistance is seen at 10,450.
BUY LIC HOUSING FINANCE
CMP: Rs 604.60
TARGET: Rs 665
STOP LOSS: Rs 574
The stock has witnessed a good correction from the peak of 675 to bottom out at 573 levels and now with a good positive bullish candle pattern in the daily chart, the stock looks attractive for further rise with strength and potential. The indicators have turned positive with the RSI indicating a steep rise with a trend reversal thus signaling a buy. With good volume participation witnessed, the positive bias is maintained and we recommend a buy in this stock for an upside target of 665 keeping a stop loss of 574.
CMP: Rs 635.50
TARGET: Rs 685
STOP LOSS: Rs 605
The stock has more or less formed a higher bottom formation pattern in the daily chart indicating a positive bias from here on and we anticipate it to give a breakout above the previous high of 679 level and scale new heights. The indicators like RSI also have shown a trend reversal and triggered a positive rise in the stock. With decent volume participation and promising factors supporting our view, we recommend a buy in this stock for an upside target of 685 keeping a stop loss of 605 level.
BUY CG POWER
CMP: Rs 83.50
TARGET: Rs 91.50
STOP LOSS: Rs 80
The stock has made a higher bottom formation in daily chart and is poised for further rise in the coming days and also it has taken support at the significant moving average of 200 DMA which lies at 79.90 levels. The bias has been maintained positive with the RSI signaling a buy with a trend reversal indication and with volume activity on the rise, we recommend a buy in this stock for an upside target of 91.50 keeping a stop loss of 80.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.