Buy Dhampur Sugars at a target of Rs 168, SL of Rs 120: Prabhudas Lilladher

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

NIFTY VIEW

Nifty is attempting to hold 10,200 levels with all the volatility and other factors bringing a constraint to an up move. Amidst all sectors in a current market scenario, IT and Pharma sectors are well placed which could be the market movers. The support for the day is seen at 34,030/10,220 while resistance is seen at 34,500/10,360. Bank Nifty would have a range of 24,240-24,800. FMCG and Auto continue to be in corrective phase.

BUY AUROBINDO PHARMA        

CMP: Rs 766.75      

TARGET: Rs 850      

STOP LOSS: Rs 710

The stock has made a higher bottom formation pattern in the daily chart with the current positive bullish candle has moved past the 34WMA moving average to signify strength and has potential to rise further in the coming days. The chart looks attractive and with the RSI also indicating a trend reversal has made the bias positive to signal a buy in this stock. With decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 850 keeping a stop loss of 710.

BUY DHAMPUR SUGARS    

CMP: Rs 142.70      

TARGET: Rs 168      

STOP LOSS: Rs 120

The stock has been on the rise after the formation of a higher bottom pattern in the daily chart and currently has moved above the significant 200DMA to show strength and we anticipate the stock to move further upward in the coming days. The volume has been on the rise in recent times and with the chart looking good technically, we recommend a buy in this stock for an upside target of 168 keeping a stop loss of 120.

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