Intraday support for Nifty seen at 10,040: Prabhudas Lilladher

Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty View:

Nifty once again resisted at the level of 10130 and witnessed some profit-booking amid global cues and we anticipate the consolidation to continue for some more time before any fresh movement in the market occurs. As said earlier a breakout above 10,150 decisively can only bring about a fresh new round of rally for Nifty. The support for the day is seen at 10,040 while resistance is seen at 10,135.

  

BUY IDFC BANK   

CMP: Rs 60.80       

TARGET: Rs 67      

STOP LOSS: Rs 57    

The stock has picked up well and has given a closing breakout above the 200-DMA which is now at Rs 60.60 level. The stock looks attractive for still further upmove and with favourable factors like RSI which is on the rise had given a trend reversal recently indicating positive bias and potential to rally further. We recommend this stock for an upside target of Rs 67 keeping a stop loss of Rs 57.

BUY TATA MOTORS  

CMP: 403.90      

TARGET: Rs 450      

STOP LOSS: Rs 378

The stock has witnessed a steep correction from Rs 460 to fall to Rs 358, and from thereon has consolidated around the Rs 380 gaining strength and potential to recover strongly and now has given a spurt to signify a positive bias for further rally upward. The RSI has been on the rise and we anticipate the stock to move upward till Rs 450. We recommend a buy in this stock for an upside target of Rs 450 keeping a stop loss of Rs 378.

BUY ADANI PORTS    

CMP: Rs 403.10      

TARGET: Rs 432      

STOP LOSS: Rs 382      

The stock after a consolidation phase at around Rs 385 has picked up well to indicate a bullish candle pattern in the daily chart and signifies strength and potential to rally further upward in the coming days. The RSI has shown a steep rise and is showing a positive bias to rise further. We recommend a buy in this stock for an upside target of Rs 432 keeping  a stop loss of Rs 382.

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