outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:
has given a pullback from the low of 11394 to form a higher bottom formation pattern in the daily chart and chances of some upside movement in the coming days cannot be ruled out. A similar view is maintained for Bank Nifty also. With the weak global cues accompanied with the rupee and crude concerns, we anticipate volatility in the market. However, the support for the day is seen at 38,000/11,470 while resistance is seen at 38,480/11,600. Bank Nifty would have a range of 27,200-27,730.
The stock has made a double bottom formation pattern in the daily chart taking support at 73 levels and has given a positive bullish candle signifying strength and has potential to rise still further in the coming days. The chart looks attractive and with the RSI indicating a steep rise with a trend reversal has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 86 keeping a stop loss of 72.80.
BUY STRIDES SHASUN
CMP: Rs 501.10
TARGET: Rs 565
STOP LOSS: Rs 465
The stock has witnessed a good ride gaining strength right from the bottom made at around 340 levels and still has got further potential and strength to carry on the momentum still upside. The stock has indicated a higher bottom formation like pattern in the daily chart and is in rising trend with a positive bias. With consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 565 keeping a stop loss of 465.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.