Web Exclusive
Nifty outlook and top stock picks by Prabhudas Lilladher: Buy TCS, Maruti

Buying ideas
NIFTY VIEW
Nifty has for now held on to the support band of 11,430-11,460 levels. The daily and weekly trend, however, continue to be negative thus making the bias a little bit cautious. The support for the day is seen at 38,600/11,520 while resistance is seen at 39,180/11,650. Bank Nifty would have a range of 30,120-30,750. Infosys result has for now revived the IT Sector, among banks it is Kotak, Federal Bank in green and Sun Pharma has started contributing to the Pharma index.

Stock recommendation:

TCS   

Recommendaation: BUY

CMP : Rs 2145.70

TARGET : Rs 2,250 

STOP LOSS : Rs 2,080

The stock has indicated a reversal after the recent correction and has showed signs of  bottoming out near 2080 levels with the bias improved with favourable indicators. The RSI also has indicated a trend reversal from the oversold zone to signal a buy and with good volume participation witnessed. We recommend a buy in this stock for an upside target of Rs 2250 keeping a stop loss of 2080.

 MARUTI   

Recommendation: BUY

CMP : Rs 6,079.70 

TARGET : Rs 6,370 

STOP LOSS : Rs 5,920

The stock has consolidated and has taken support near the 5900 levels and has indicated a positive candle to improve the bias and can further rally in the coming days. The RSI has hit the highly oversold zone and has indicated a trend reversal to signal a buy and with consistent volume activity seen. We recommend a buy in this stock for an upside target of 6370 keeping a stop loss of 5920.

=============================================

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


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel