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Nifty outlook and top trading ideas by Prabhudas Lilladher

Vaishali Parekh/Mumbai 09 Aug 18 | 06:13 AM

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

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NIFTY VIEW


Nifty and Bank Nifty have made new highs; however, the RSI on the daily chart is in the process of forming a negative divergence which would lead to exhaustion at these levels. One definitely needs to hedge or be prompt to exit on stop losses. The support for the day is seen at 37,660/11,380 while resistance is seen at 38,060/11,500. Bank Nifty would have a range of 27,820-28,280.


BUY PHIL CARBON   

CMP: Rs 274       

TARGET: Rs 320    

STOP LOSS: Rs 235


The stock has given a good rally recently and moved past the 200 DMA and 34 WMA moving average to maintain a positive bias and has further potential to rise further in the coming days. The indicators are all favorable for further upward movement and with the RSI on the rise and with good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 320 keeping a stop loss of 235.


BUY  ONGC    

CMP: Rs 172.50        

TARGET: Rs 190      

STOP LOSS: Rs 162


The stock has given a consolidation phase at around 155 levels for quite some time forming a good strong base and has made a decent revival to reach 168 levels where it consolidated again and currently has given a positive bullish candle pattern to signify further strength and has got potential to rise further in the coming days to scale till 185 – 190 levels. The volume participation has been decent and we recommend a buy in this stock for an upside target of 190 keeping a stop loss of 162.


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

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