Buy Dabur India for a target of Rs 445, SL of Rs 380: Prabhudas Lilladher

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

NIFTY VIEW

Indices continue to move in a single downward direction, now below 10,138 the previous support level, gives us next support of 9,950. The support for the day is seen at 33,400/10,050 while resistance is seen at 33,960/10,180. Bank Nifty would have a range of 24,520-25,080. Frontline banks like HDFC Bank & ICICI have started showing some profit booking restricting Bank Nifty to surge. The view still continues to be corrective & cautious.

BUY BATA INDIA      

CMP: Rs 923.15         

TARGET: Rs 1,040       

STOP LOSS: Rs 860  

The stock has corrected well from the peak of 1115 levels and has shown signs of bottoming out at around 855 levels and currently has given a positive bullish candle in the daily chart to signify strength and has the potential to rise further in the coming days. The RSI has also shown a trend reversal from the oversold zone to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1040 keeping a stop loss of 860.

BUY DABUR INDIA    

CMP: Rs 398.55      

TARGET: Rs 445       

STOP LOSS: Rs 380

The stock after the correction from the top level of 490 has bottomed out at around 385 levels and has been consolidating for quite some time moving above the significant 200DMA moving averages gathering potential and strength and we anticipate a rise in the stock in the coming days. The RSI has indicated trend reversal from the oversold zone recently and has made the bias positive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 445 keeping a stop loss of 380.

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