Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher
Nifty has got its daily and weekly trend turned up while Bank Nifty has underperformed and the weekly trend continues to be in negative. Post budget announcement, Nifty had its fifth failed attempt to make a new high. Market for now would continue with its range-bound movement. The support for the day is seen at 35,360/10,700, while resistance would be at 37,100/11,100. The weightage among the Nifty50 stocks is still tilted towards the negative; the IT sector along with FMCG looks positive while metal sector still finds it difficult to hold its range.
BUY HEXAWARE TECH
CMP: Rs 349.60
TARGET: Rs 385
STOP LOSS: Rs 315
The stock has been consolidating for quite some time between the range of Rs 310 and Rs 330 levels and currently has given a breakout above that range to signify strength and has immense potential to rise further in the coming days. The RSI has shown a trend reversal and signaled a buy to maintain the bias positive. With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 385 keeping a stop loss at Rs 315.
BUY HIND UNILEVER
CMP: Rs 1,799.30
TARGET: Rs 1,930
STOP LOSS: Rs 1,725
The stock has been gradually sliding in the recent times and currently has given a decent bounce back with a bullish positive candle to signify strength and has potential to rise further in the coming days. The chart looks very attractive and with the RSI indicating a steep trend reversal to signal a buy, the bias has become positive. With good volume participation seen, we recommend a buy in this stock for an upside target of Rs 1,930 keeping a stop loss of Rs 1,725.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above