Nifty outlook and few trading ideas by Prabhudas Lilladher for today

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Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

 

NIFTY VIEW

 

Nifty has once again made a top at 10630 as mentioned earlier and as of now, we anticipate it to move in a range-bound zone of 10650 and 10270. Banking stocks seem to be under pressure for the domestic issues and may witness some more downside in the coming days.   The support for the day is seen at 10430 while resistance is seen at 10550.

 

BUY MOTHERSON SUMI    

CMP: Rs 330      

TARGET: Rs 360       

STOP LOSS: Rs 312

 

The stock has made a lower bottom formation pattern in the daily chart and has indicated a revival with potential and strength to rise further upto 360 levels. The RSI has been on the rise and so also the MACD is showing a positive move upward to indicate a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 312.

 

BUY BERGER PAINTS   

CMP: Rs 248.70      

TARGET: Rs 270     

STOP LOSS: Rs 240

 

The stock has been taking support at around 238 levels on regular occasions and has currently shown a revival from that level with a positive bias and we anticipate it move upward further till 270 levels in the coming days. The RSI has indicated a trend reversal thus signaling a buy in the stock. It has also given a breakout above the significant 34 WMA moving average and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 270 keeping a stop loss of 240.

 

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.