Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty crossed the 11000 mark and made the intraday high of 11078 where it faced a resistance and witnessed some profit booking. On the downside now Nifty has got a support near 10950-10960 levels while on the upper end around 11200 would be the new level. Bank Nifty too found the resistance at the previous peak level of 27164 and succumbed to some profit booking. However, the support for the day would be seen at 10950 while the resistance would be at 11080 levels. The result outcome of Infy can be a trigger for the indices to fresh movement on either side.
CMP: Rs 546.30
TARGET: Rs 595
STOP LOSS: Rs 510
The stock has made a round bottom formation pattern at 510 levels and gradually is picking up gaining strength and has got potential to rise further in the coming days. The stock has almost given a breakout above the significant 50DMA moving average and has made the positive bias. With the RSI on the rise, the stock looks attractive for further upward move and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 595 keeping a stop loss of 510.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.