Nifty outlook and key technical picks by Prabhudas Lilladher

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

NIFTY VIEW:

Nifty after correcting by 395 points from a high of 10,490, for now has held on to the support of previous low of 10,098 & closed above 10,100. The support for the day is seen at 10,080 while resistance is seen at 10170.

Fortis Healthcare

CMP: Rs 148.35 

STOPLOSS: Rs 135 

TARGET: Rs 168

the stock after making a bottom at Rs 123 has bounced back and has regained strength. It is getting into positive trend. RSI is also on rise indicating strength to further up move. We recommend this stock for a buy keeping a stop loss of Rs 135 for an upside target of Rs 168.

Indraprastha Gas

CMP: Rs 333 

STOPLOSS: Rs 300 

TARGET: Rs 360

The stock has given a breakout to move above the consolidation phase of around Rs 330 and with the RSI indicator reversing its trend to signal a buy, we anticipate the stock to move further to around Rs 360. Along with good volume activity, we recommend a buy in this stock for an upside target of Rs 360 keeping a stop loss of Rs 300.

  

Strides Shasun

CMP: Rs 818.75 

STOPLOSS: Rs 780 

TARGET: Rs 980

The stock has made a decent correction from Rs 1041 and has been consolidating at Rs 790. with the RSI on the rise and decent volume participation, we anticipate further move upwards to around Rs 980. We recommend a buy in this stock keeping a stop loss of Rs 780 for an upside target of Rs 980.

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