Support for Nifty seen at 10,320, resistance at 10,400: Prabhudas Lilladher
Nifty outlook and key trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:
Market witnessed a lack luster day with expiry of future contracts approaching; also no buying interest was seen during the day. The support for the day is seen at 10,320 while resistance is seen at 10,400.
CMP: RS 703.50
TARGET: Rs 750
STOP LOSS: Rs 650
The stock has witnessed a steep correction from 787 to fall to 680 level and from thereon has consolidated around the 680 level gaining strength and potential to recover strongly and now has given a spurt to signify a positive bias for further rally upward. The RSI has been on the rise and we anticipate the stock to move upward till 750 levels. We recommend a buy in this stock for an upside target of 750 keeping a stop loss of 650
BUY GENUS POWER
CMP: Rs 63.80
TARGET: Rs 75
STOP LOSS: Rs 58
The stock has given a breakout above the 66 level and is now potentially looking attractive for an up move to reach new target levels. The RSI is on the rise and so is the MACD indicator and with improving volume activity along with favourable factors supporting the positive bias, we recommend a buy in this stock for an upside target of 75 keeping a stop loss of 58.
CMP: Rs 43.85
TARGET: Rs 50
STOP LOSS: Rs 38
The stock had a very steep correction from the levels of 44 to bottom out at 38 level and thereafter has made a steady recovery with decent volume activity. The strength is still maintained and there is potential to rise much more from these levels and with the RSI and MACD on the rise, we recommend a buy in this stock for an upside target of 50 keeping a stop loss of 38.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.