Intraday support for Nifty seen at 9,700, says Prabhudas Lilladher

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

Nifty View:

Nifty started on a weak note much to our reading for a corrective move to start. A close below 9,800 opens the downside target of 9,700-9,650. The support for the day is seen at 9,700 while resistance is seen at 9,800.

  

BUY DHFL      

CMP: Rs 448.75       

TARGET: Rs 480        

STOP LOSS: Rs 430

The stock has made a steep correction from Rs 461 to bottom out at around Rs 391 and now has made a strong recovery with RSI bouncing back indicating a trend reversal signaling a buy in this stock. We recommend a buy in this stock for the upside target of Rs 480 keeping a stop loss of Rs 430.

BUY MAX INDIA      

CMP: Rs 139.20       

TARGET: Rs 150        

STOP LOSS: Rs 134

The stock has made a good correction of almost 15% and has stabilized at around Rs 133 and has shown a recovery path to anticipate further rally also the RSI has shown a trend reversal signifying positive bias. We recommend a buy in this stock for the upside target of Rs 150 keeping a stop loss of Rs 134.

BUY TECH MAHINDRA  

CMP: Rs 431.10       

TARGET: Rs 465        

STOP LOSS: Rs 415

The stock has been on a strong uptrend and it has already given a breakout above Rs 412 levels and we anticipate further rally upward to scale new targets. The RSI is on the rise, whereas the MACD also shows positive bias which all support for a potential upmove. We recommend a buy in this stock for the upside target of Rs 465 keeping a stop loss of Rs 415.

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