outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
and Bank Nifty
have made new highs; however, the RSI on the daily chart is in the process of forming a negative divergence which would lead to exhaustion at these levels. One definitely needs to hedge or be prompt to exit on stop losses. The support for the day is seen at 37,660/11,380 while resistance is seen at 38,060/11,500. Bank Nifty
would have a range of 27,820-28,280.
BUY PHIL CARBON
CMP: Rs 274
TARGET: Rs 320
STOP LOSS: Rs 235
The stock has given a good rally recently and moved past the 200 DMA and 34 WMA moving average to maintain a positive bias and has further potential to rise further in the coming days. The indicators are all favorable for further upward movement and with the RSI on the rise and with good consistent volume participation witnessed, we recommend a buy in this stock for an upside target
of 320 keeping a stop loss
CMP: Rs 172.50
TARGET: Rs 190
STOP LOSS: Rs 162
The stock has given a consolidation phase at around 155 levels for quite some time forming a good strong base and has made a decent revival to reach 168 levels where it consolidated again and currently has given a positive bullish candle pattern to signify further strength and has got potential to rise further in the coming days to scale till 185 – 190 levels. The volume participation has been decent and we recommend a buy in this stock for an upside target
of 190 keeping a stop loss
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.