Nifty outlook and top trading ideas by Prabhudas Lilladher for today Stock Market Advice
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher: NIFTY VIEW Nifty has held on to the support of 10900 levels & Bank Nifty at 24600 with Rupee & Crude remaining where it is. Volatility would continue with the expiry of September series. The support for the day is seen at 36270/10080 while resistance is seen at 36800/11120. Bank Nifty would have a range of 25100-25650. Among the metal sector, Vedanta and Hindalco look positive while Cement sector has also got into momentum-ACC, Ambuja, Shree cement etc. look positive. BUY GUJARAT ALKALIES & CHEMICALS CMP: Rs 620.55 TARGET: Rs 680 STOP LOSS: Rs 580 The stock has been in a consolidation phase for quite some time at around 550-565 levels and currently has indicated a breakout with a positive bullish candle pattern in the daily chart and we anticipate an upward rise with strength and potential in the coming days. The RSI also has indicated a positive bias with a trend reversal and has signalled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 680 keeping a stop loss of 580. BUY AMBUJA CEMENTS CMP: Rs 226.10 TARGET: Rs 250 STOP LOSS: Rs 215 The stock has been consolidating for some time gathering strength and currently has moved past the 50 DMA moving average and has maintained a positive bias and we anticipate an upward rise in the coming days. The RSI looks positive and with the chart looking attractive, we recommend a buy in this stock for an upside target of 250 keeping a stop loss of 215. For updates on current events subscribe to Business Standard
ARTICLE SOURCE: BS