Buy Apollo Tyres for a target of Rs 255, SL of Rs 215: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst- technical research at Prabhudas Lilladher:

NIFTY VIEW

Nifty after a long consolidation has closed above 10600 but needs to surpass 10650 decisively for levels 10700-10800. The support for the day is seen at 34970/10540 while resistance is seen at 35530/10670. Bank Nifty would have a range of 25850-26420. ICICI, Axis, Kotak and HDFC twin continue to do well. Also, Cement and Tyre stocks look promising.

BUY CAPITAL FIRST      

CMP: Rs 497.70        

TARGET: Rs 540         

STOP LOSS: Rs 475

The stock has given a positive bullish candle pattern in the daily chart after a short consolidation and indicated a breakout maintaining above the 34 WMA moving average to signify strength and has potential to carry on the momentum further upward in the coming days. The RSI has been on the rise and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 540 keeping a stop loss of 475.

BUY APOLLO TYRES        

CMP: Rs 230      

TARGET: Rs 255   

STOP LOSS: Rs 215  

The stock has been in a rising trend and currently with a positive candle pattern has moved past decisively above the 50 DMA moving average to show strength and improve the bias and has potential to rise further to scale up to 250-255 levels. The RSI has been on the rise and with favourable indicators supporting the positive bias, we recommend a buy in this stock for an upside target of 255 keeping a stop loss of 215.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.