Buy Balrampur Chini, Fortis Healthcare, says Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh of Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
Nifty Outlook
 
The daily trend in Nifty has turned down since 2 days, also RSI in the daily chart has started showing signs of reversal, whereby view now turns to corrective. The support for the day is seen at 9960 while resistance is seen at 10050. We maintain a cautious view as a break of 9950 in Nifty would drag it to 9850, which also is our weekly support.
 

BALRAMPUR CHINI - BUY      
CMP: Rs 175.40   
TARGET: Rs 220   

STOP LOSS: Rs 155
 
The stock has given a breakout above the 170 level and is now potentially looking attractive for an up move to reach new target levels. The RSI is on the rise and so is the MACD indicator and with improving volume activity along with favourable factors supporting the positive bias, we recommend a buy in this stock for an upside target of 220 keeping a stop loss of 155.
 
FORTIS HEALTHCARE - BUY   
CMP: Rs 163.30       
TARGET: Rs 200    
STOP LOSS: Rs 145
 
The stock has more or less made a higher bottom formation in the daily chart and with the formation of a bullish candle now, the bias has turned positive with more space in the upward direction. The RSI has made a positive trend reversal signaling a buy and with good volume participation, we recommend a buy in this stock for an upside target of 200 keeping a stop loss of 145.

 
POWER FINANCE CORP - BUY    
CMP: Rs 126.30      
TARGET: Rs 138     
STOP LOSS: Rs 118
 
The stock has been in a consolidation phase for quite some time and now it has given a bullish candle formation with decent volume indicating a positive bias and also the RSI has indicated a trend reversal signaling a buy. We anticipate the stock to give a breakout above the 130 level and continue the up move to further heights. We recommend a buy in this stock for an upside target of 138 keeping a stop loss of 118.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.