Support for Nifty seen at 10,650, resistance at 10,760: Prabhudas Lilladher
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW Market is gradually picking up momentum however Nifty still needs to cross the hurdle of 10,700-10,730 on closing basis. Pharma sector seems to be getting ready for new round of momentum along with Auto now showing hopes of revival. BUY ASHOK LEYLAND CMP: Rs 129.50 TARGET: Rs 144 STOP LOSS: Rs 123 The stock has witnessed a decent correction from the peak of 165 and currently has now indicated signs of bottoming out at around 123 levels and has produced a positive candle pattern in the daily chart to anticipate a further rise in the coming days. The RSI also has showed a trend reversal from the highly oversold zone to signal a buy and has improved the bias sentiment. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 144 keeping a stop loss of 123.
ARTICLE SOURCE: BUSINESS STANDARD