Live Markets »News & Advice»Market News»Market News Details
Market News Details
Back

Nifty Outlook and top trading ideas by HDFC securities for today

Nandish Shah/ 16 May 18 | 07:00 AM

Photo: Shutterstock.com

Nifty outlook and technical calls by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:

Related Stories

    No Related Stories Found
Widgets Magazine

REMAIN LONG IN NIFTY WITH SL OF 10700. TARGET 10950

While the Nifty closed just 5 points down at 10,802, the gloom was high as the BJP gave up its intraday majority mark with just 104 leads at the time of market close. The PSU bank index and the real estate index were the worst decliners.


Though the BJP dramatically improved its performance from the last elections, reports that the Congress was ready to provide support to the JDS, the indices slipped.


It’s an event that is now out of the way. The markets will now be more reactive to the international cues.


Nifty Midcap and Smallcap indices have been significantly underperforming the Benchmark indices and due to that breadth of the overall market have been weak for last two weeks.


In the derivatives, we have seen long positions being built in the Nifty and Bank Nifty Futures’ during last few days. Moreover FIIs’ also created long positions in the Index & Stock Futures’ during the last week. Amongst the Options, Puts have been written at 10700-10800 level.


Buy MAHINDRA LIFESPACE DEVELOPERS


CMP: Rs 523


Stop Loss: Rs 485


TARGET: Rs 570


Stock price has given breakout on the daily chart last Friday, Where It closed above the crucial resistance level of 485. Short term moving averages are trading above long term moving averages, Indicating strength in the stock for the short to medium term. Trend of last few days, Where Price is rising with higher volumes and subdued volumes during the consolidation, indicates strength in the uptrend. Momentum Indicators and Oscillators like RSI and MACD are showing strength in the Stock for the short to medium term.  Therefore, We recommend buying Mahindra LifeSpace for the upside target of 570, keeping SL at 485.


BUY EDELWEISS FINANCIAL SERVICES


CMP: Rs 299


Stop Loss: Rs 285


Target: Rs 325


Edelweiss Financial Services has given bullish trendline breakout on the daily chart yesterday by closing above the downdard slopping trendline, adjoining the highs of 03-November-2017 and 03-May-2018. It has already given breakout on the daily line chart by closing above multiple resistance level of 297 with higher volumes. Stock is trading above its 5, 20,200 day simple moving averages, Indicating Stock price is in uptrend for the short term and long term charts. Momentum Indicators and Oscillators like RSI and MACD are showing strength in the Stock for the short to medium term. Therefore We recommend buying Edelweiss Financial for the upside target of 325, keeping SL at 285.


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

Widgets Magazine

Sensex

Company Price Gain (%)
Sun Pharma.Inds.503.607.94
Coal India281.902.12
Asian Paints1,312.551.78
Maruti Suzuki8,694.701.73
ICICI Bank301.351.64

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine