Support for Nifty seen at 10,080, resistance at 10,210: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
NIFTY VIEW
 
In the last one month Nifty has witnessed a decent correction to the tune of 9.3% from the peak of 11171 and now it has almost touched 10140 which is the level where the significant 200 DMA lies. A decisive breach of this level on the downside would imply 10000 as the next major landmark below which we anticipate panic selling and Nifty can slide down to 9700 levels. However, the support for the day is seen at 10080 while the resistance is seen at 10210.

 

BUY HEXAWARE TECH     
CMP: Rs 355.90      
TARGET: Rs 390      
STOP LOSS: Rs 338
 
The stock has maintained the bottom support at 325 levels and has indicated a recovery to show strength and potential to rise further in the coming days. The indicators are showing a positive bias with the RSI gradually improving from the oversold zone and also the MACD is on the rise indicating a positive bias for further momentum upside. With good volume participation witnessed, we recommend a buy in the stock for an upside target of 390 keeping a stop loss of 338.
 
BUY VOLTAS        

CMP: Rs 626.60     
TARGET: Rs 680      
STOP LOSS: Rs 600
 
The stock after recovering from the bottom made at 552 has maintained its trend inspite of the weak market scenario and is on the rise gradually. The indicators like the RSI is also on the rise indicating a positive bias so also is the MACD which has recently indicated a trend reversal to signal a buy and we anticipate a further rise from here on to scale upto 680 -685 levels in the coming days. With consistent volume participation seen, we recommend a buy in this stock for an upside target of 680 keeping a stop loss of 600.’

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