Buy HDFC Life, Piramal Enterprises, Meghmani Organics: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW
 

Nifty on intraday basis breached 10435 levels for which a high of 10478 was made however closed below 10435 whereby market is likely to consolidate at these levels with near term support at 10350 levels. The support for the day is seen at 10360 while the resistance would be seen at 10480 levels.

BUY HDFC LIFE    
CMP : Rs 442.10      
TARGET :  Rs 475    
STOP LOSS :  Rs 426
 

The stock has made a double bottom formation at around 422 levels and has indicated a bullish candle pattern in the daily chart to signify strength and potential for further rise in the coming days. The RSI has reversed its trend from the oversold zone and has signaled a buy to indicate a positive bias. With good volume activity visible, we recommend a buy in this stock for an upside target of 475 keeping a stop loss of 426.

BUY  PIRAMAL ENT      
CMP : Rs 2,481.90    
TARGET : Rs 2,700      
STOP LOSS : Rs 2360
 

The stock has witnessed a deep vertical correction from the peak of 2665 to bottom out at 2275 levels and has given a V-shape recovery to indicate strength to rise further in the coming days. The RSI also has given a bounce back from the oversold zone and has indicated a trend reversal to signal a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 2700 keeping a stop loss of 2360.

BUY  MEGHMANI ORGANICS      
CMP : Rs 90.60      
TARGET : Rs 105      
STOP LOSS : Rs 84
 

The stock has witnessed a gradual correction from the peak of 126 levels and has now bottomed out at the significant 200 DMA level which is at around 83 levels and has indicated a positive bias with a bullish candle pattern in the daily chart. The RSI has been hovering around the  oversold zone for quite some time and now has indicated a steep rise with a positive bias to show strength and potential to give a bounce back. We recommend a buy in this stock for an upside target of 105 keeping a stop loss of 84.

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