Buy Hewaware Technologies for a target of Rs 360: Prabhudas Lilladher

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

NIFTY VIEW

Nifty crosses one hurdle of 10930, however, failed to cross 10985 along with volatility index on rise implying resistance at these levels. Among the Nifty 50, it has been only a few 4 stocks like RIL, Infy, Kotak & HDFC which have been driving the market. The support for the day is seen at 36300/10890 while resistance is seen at 36850/11020. Bank Nifty would have a range of 27240-27820. Mid-cap sector too has been unable to participate, hence it continues to be a stock specific market.

BUY HEXAWARE TECH    

CMP: Rs 325.85         

TARGET: Rs 360        

STOP LOSS: Rs 315

The stock has been maintaining a good base near 310 levels and currently also has taken support near the significant 50DMA moving average which lies near 322 and has been rising gradually to signify strength and potential to rise even further in the coming days. The indicators have become favourable and with good rising volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 315.

BUY STERLITE TECH   

CMP: Rs 297.20       

TARGET: Rs 330        

STOP LOSS: Rs 280

The stock has been moving sideways for quite some time maintaining a strong support base near 280 levels and currently has indicated a bullish positive candle pattern in the daily chart to signify strength and with a positive bias has been poised for an upward move in the coming days. With consistent volume activity seen, we recommend a buy in this stock for an upside target of 330 keeping a stop loss of 280.

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