Support for Nifty seen at 10350 & resistance at 10450: Prabhudas Lilladher
Nifty outlook and key trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:
Nifty has surged to move towards 10,400 with all indicators showing potential for further up move to projected target of 10,550. The support for the day is seen at 10,350 & resistance is seen at 10,450. As we are approaching the expiry of November Future contracts we may see some volatility.
BUY CAN FIN HOMES
CMP: Rs 473.70
TARGET: Rs 528
STOP LOSS: Rs 450
The stock has given a good correction from the peak of around 650 levels to bottom out at around 430 and now a revival pattern has been formed in the daily chart. The stock looks attractive for an up move with strength and potential and can rise up to 560 levels. The RSI has made a bounce back from the oversold zone and now also has indicated a trend reversal to signal a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 528 keeping a stop loss of 450
BUY FIRSTSOURCE SOLUTION
CMP: Rs 44.45
TARGET: Rs 50
STOP LOSS: Rs 41
The stock has recovered significantly from the low of 36 and has now almost reached the previous peak level of around 45 and we anticipate it to give a breakout above this level and scale fresh heights in the coming days. The RSI has been on the rise after the great recovery and thus support our view of a positive bias. With decent volume activity seen in the recent past, we recommend a buy in this stock for an upside target of 50 keeping a stop loss of 41.
BUY TEXMACO RAIL & ENGINEERING
CMP: Rs 113.75
TARGET: Rs 124
STOP LOSS: Rs 107
The stock is in a trending mode since last 4 months and as of now has been in a consolidation period for some time but is poised for an up move with strength and potential. The indicators like RSI has shown a trend reversal signaling a buy thus indicating a positive bias. With volume on the rise in recent days, we recommend a buy in this stock for an upside target of 124 keeping a stop loss of 107.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.