Nifty outlook and top stock recos by Prabhudas Lilladher for today’s trade
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:
Nifty confirms a lower top formation indicating a downward move unless it decisively moves past 10,330 levels for next round of rally. For now the slide can approach 10,090 levels. The support for the day is seen at 10,140 while resistance is seen at 10,250. Volatility index continues to rise.
BUY AMBUJA CEMENTS
CMP: Rs 264.10
TARGET: Rs 286
STOP LOSS: Rs 255
The stock has more or less made a lower bottom formation pattern in the daily chart and has taken support at the significant 200 DMA level. The stock has regained from thereon and also indicating a positive bias for further rise in the coming days. With favourable factors supporting our view of a bullish run and good volume participation, we recommend a buy in this stock for an upside target of 286 keeping a stop loss of 255.
BUY PARAG MILK FOODS
CMP: Rs 271.55
TARGET: Rs 320
STOP LOSS: Rs 240
The stock has performed well in the recent days to recover from the double bottom formation pattern made at around 230 levels and now is on the verge of giving a breakout above the previous peak of 290 levels. The RSI has been on the rise and has indicated a positive bias to gain further upwards in future too. With volume activity picking up in the past few days, we recommend a buy in this stock at current levels and also in decline for an upside target of 320 keeping a stop loss of 240
BUY APTECH LTD
CMP: Rs 366.10
TARGET: Rs 400
STOP LOSS: Rs 346
The stock has been in a rising trend in the past 3-4 months and has made a series of higher bottom formation pattern in the daily chart and has been taking support at the significant 34 WMA. The stock looks attractive for further gains and with the RSI also indicating a trend reversal, has signaled a buy. With volume activity picking up and the stock looking promising for an up move, we recommend a buy in this stock for an upside target of 400 keeping a stop loss of 346
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.