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Nifty will see support at 9,770 levels today, says Prabhudas Lilladher

Vaishali Parekh/New Delhi 11 Aug 17 | 08:03 AM

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

Nifty Outlook

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Market witnessed erosion of this sort after a very long time and with a close above 9800 levels, Nifty has taken support of a long term trend line drawn from lows of 7,900 to 9,450 on June 30, 2017 and now, a decisive break of 9800 would bring in further weakness to take Nifty to 9700-9600. The support for the day is seen at 9770 while resistance is seen at 9860.

ITC - BUY     

CMP: Rs 273.10     

TARGET: Rs 300    

STOP LOSS: Rs 260

The stock has corrected much and now the stock has been taking support at the 200 DMA which is at around 271 level. We anticipate the stock to recover from here on and make a bounce back to some extent. The RSI also is at the oversold zone and some recovery is anticipated. We recommend a buy in this stock for an upside target of 300 keeping a stop loss of 260

AXIS BANK - BUY      

CMP: Rs 485.50     

TARGET: Rs 525    

STOP LOSS: Rs 470

The stock has corrected from  the level of 547 to 484 levels and at multiple times and at regular intervals it has taken support at this level of around 485 and recovered significantly to move towards 525 – 530 levels. The RSI indicator has hit the oversold area and is anticipated to give a bounce from here on. We recommend a buy in this stock for an upside target of 525 keeping a stop loss of 470.

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

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Sensex

Company Price Gain (%)
Hind. Unilever1,199.702.13
Power Grid Corpn222.851.55
TCS2,512.851.32
Bharti Airtel421.601.21
ITC281.800.84

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