Buy Hexaware Tech for a Target of Rs 380, SL of Rs 305: Prabhudas Lilladher

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

NIFTY VIEW

The trend of all periodicities are up with Nifty comfortably surging high above 200DMA, the supporting indicators are also showing the scope of further up move now with the Pharma sector too showing signs of reversal. The mid-cap sector has been consolidating, it is about time we see some participation from the same. The support for the week is seen at 35640/10680 & resistance is seen at 36730/11050. Bank Nifty would have a range of 26240-27400. Pharma should do well in coming days. 

BUY HEXAWARE TECH      

CMP: Rs 323.95      

TARGET: Rs 380       

STOP LOSS: Rs 305 

The stock has been consolidating around the range between 300 and 320 levels for quite some time and currently has produced a positive candle pattern in the daily chart to signify strength and has made the chart look attractive with a positive bias. The RSI has indicated 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 380 keeping a stop loss of 305.

BUY STRIDES PHARMA      

CMP: Rs 485.65      

TARGET: Rs 530       

STOP LOSS: Rs 450 

The stock has maintained its levels at the significant 50DMA moving average also taking support at the 34WMA moving average and currently has given a positive bullish candle pattern to indicate a breakout and has much potential for further upside rally in the coming days. The RSI has indicated a trend reversal to signal a buy and with good consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 530 keeping a stop loss of 450.

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