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Nifty outlook and top trading calls for today's trade: Prabhudas Lilladher Nifty outlook and top trading ideas by Prabhudas Lilladher Nifty outlook and top stock recos by Prabhudas Lilladher Nifty outlook and top trading ideas by Prabhudas Lilladher for today Nifty outlook and top trading ideas by Prabhudas Lilladher for today -
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW
Nifty optimistically should give a bounce with the start of new financial year keeping 9,950 as crucial support for now. The support for the week lies at 9900 while resistance lies at 10300. Bank Nifty would have a range of 23,580-24,850. Stocks with positive bias would be tyre stocks like Apollo Tyres, Ceat, JK Tyres & Maruti, Indusind Bank, SBI , Larsen among frontline.
BUY SBI
CMP: Rs 249.90
TARGET: Rs 270
STOP LOSS: Rs 225
The stock has witnessed a deep correction from the peak of 332 to bottom out at around 232 levels and has indicated a pullback with a positive candle pattern in the daily chart. It signify a positive bias with the RSI showing a steep trend reversal from the highly oversold zone. With the volume participation decent and the chart looking attractive, we recommend a buy at current levels and in decline for an upside target of 270 keeping a stop loss of 225.
BUY SHRIRAM TRANSPORT
CMP: Rs 1439.60
TARGET: Rs 1550
STOP LOSS: Rs 1350
The stock has made more or less a higher bottom formation pattern in the daily chart at around 1275 levels and has made a good recovery path to maintain a positive bias. Currently it is maintaining above the significant moving average of 34 WMA and we anticipate a further upward rise from here on in the coming days. With the RSI on the rise and also the MACD showing a positive indication, we recommend a buy in this stock for an upside target of 1550 keeping a stop loss of 1350.
BUY GREAVES COTTON
CMP: Rs 113.75
TARGET: Rs 128
STOP LOSS: Rs 107
The stock has witnessed an erosion to the tune of almost 27% from the peak of 154 to bottom out at around 113 levels to form a double bottom formation in the daily chart. The chart looks attractive for a pullback from here on with the positive indicators like the RSI indicating a trend reversal from the oversold zone has signaled a buy and with good volume activity seen, we recommend a buy in this stock for an upside target of 128 keeping a stop loss of 107.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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