Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty maintained the positive run for the second day but only a decisive move above the 10,250-10,300 range would bring about a positive conviction and we can anticipate further upward rally. As said earlier, the level of 9,950 would act a important support level. However, the support for the day is seen at 10,120 while resistance is seen at 10,240. Being the expiry of F&O Derivative segment, we anticipate volatility in the market.
BUY GODREJ AGROVET
CMP : Rs 650.75
TARGET : Rs 710
STOP LOSS : Rs 620
The stock has formed a higher bottom formation pattern in the daily chart taking support at the significant 34 WMA and is showing a positive bias and with the RSI indicating a trend reversal, the chart looks attractive for further rise from here on. We anticipate the stock to scale upwards till 710 levels and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 710 keeping a stop loss of 620.
BUY JM FINANCIAL
CMP : Rs 132.10
TARGET : Rs 152
STOP LOSS : Rs 116
The stock has witnessed a gradual correction from the peak of 170 to bottom out at 115 levels and now currently a recovery mode is in the process to signify strength and potential to carry on the momentum to further heights. The RSI has indicated a trend reversal from the oversold zone to signify a positive bias. With good volume activity seen, we recommend a buy in this stock for an upside target of 152 keeping a stop loss of 116.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.