Buy Voltas for a target of Rs 675, stop loss of Rs 575: Prabhudas Lilladher Snehal Khanna
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher: NIFTY VIEW Nifty and Bank Nifty gets its weekly trend down, so for now this would be considered a bounce back rally. The support for the week is seen at 37,400/11,300 while resistance is seen at 38,620/11,680. Bank Nifty would have a range of 26,480-27,700. Nifty still has a lower top formation unless it crosses 11,580 decisively, further up move can be expected. Cement stocks have shown some momentum. NBFC too after correcting has given a bounce. BUY ASIAN PAINTS CMP: Rs 1,333.90 TARGET: Rs 1,440 STOP LOSS: Rs 1,280 The stock has made a higher bottom formation like pattern in the daily chart and looks very attractive with a decent bounce back to signify strength and potential to rise still further upward in the coming days. The RSI has also hit the oversold zone and has shown a trend reversal to maintain a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1440 keeping a stop loss of 1280.
ARTICLE SOURCE: BS