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Support for Nifty lies at 9,840, resistance at 9,930: Prabhudas Lilladher

Vaishali Parekh/Mumbai 06 Oct 17 | 08:08 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 has been facing a resistance at around 9940 levels which is also where the significant moving average of 34 WMA lies and we anticipate a lower top formation pattern is in the making in the daily chart.  However, Nifty is moving well within the range of 9,980 and 9,800 levels and only a decisive breach of 9,800 can bring in some correction. The support for the day lies at 9,840 whereas the resistance would be seen at 9,930 levels.

FUTURE CONSUMER - BUY   

CMP: Rs 64.55      

TARGET: Rs 72     

STOP LOSS: Rs 58

The stock has made a higher bottom formation pattern in the daily chart with positive bias and is anticipated to rally further upward with potential and strength. The RSI indicator has indicated a trend reversal signaling a buy and also the MACD is showing a positive indication for an up move. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 72 keeping a stop loss of 58.

CENTURY TEXTILES - BUY  

CMP: Rs 1,275.75      

TARGET: Rs 1,350     

STOP LOSS: Rs 1,220

The stock has made a higher bottom formation in the daily chart and is on a upward trending mode looking attractive for further still rally in the coming days. The RSI has shown a trend reversal and has signaled a buy in this stock indicating a positive bias with potential for further more upward move. With great volume participation seen, we recommend a buy in this stock for an upside target of 1350 keeping a stop loss of 1220. 

TV18 BROADCAST - BUY   

CMP: Rs 40.50      

TARGET: Rs 44.50    

STOP LOSS: Rs 38.20

The stock has corrected from the peak level of 44.40 to bottom out at 38.20 levels and has produced a positive candle pattern in the daily chart to indicate strength and potential to rise further in the coming days. The RSI also has shown a strong reversal to indicate a buy signal in the stock with positive bias. We anticipate a further rally upward and along with good volume activity seen, we recommend the stock for a buy for an upside target of 44.50 keeping a stop loss of 38.20

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

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