Buy Glenmark Pharma for a target of Rs 710: Prabhudas Lilladher

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

NIFTY VIEW

Nifty has been consolidating at these levels, this being a truncated week, with near term resistance seen at 10600 and Bank Nifty too resisting on visiting the previous high of 25900. The support for the day is seen at 34940/10460 levels while the resistance is seen at 35220/10600 levels. BankNifty would have a range of 25330 - 25800 levels. As said earlier, the indices need to cross the crucial resistance levels for further fresh development.

BUY GLENMARK PHARMA

CMP: Rs 657.50

TARGET: Rs 710

STOP LOSS: Rs 625 

The stock has taken support at the significant 200DMA moving average which was at 580 levels and thereafter a steady gradual rise with a positive candle recently has made the stock look attractive and has signified a positive bias with potential for further upward movement in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 710 keeping a stop loss of 625.

BUY DCB BANK

CMP: Rs 166.30

TARGET: Rs 185

STOP LOSS: Rs 155

The stock has been consolidating for quite some time at around 155 levels steadily and gradually on the rise and currently has indicated a positive bullish candle pattern in the daily chart to signify strength and has potential to rise further in the coming days. The RSI has shown a trend reversal and has maintained a positive bias and with consistent volume activity seen, we recommend a buy in this stock for an upside target of 185 keeping a stop loss of 155.

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