Nifty outlook and top trading ideas by Devang Shah for today

NIFTY
CLOSE- 11557.10 (24.08.2018)
The market closed the 5th consecutive week in positive territory. It has achieved my short term targets levels near recent high as expected. It made a high of 11,620.70 levels on Nifty & 38,487.63 levels on Sensex during the week. It looks like extension case further as per short-term wave count chart. Any kind of short-term consolidation or correction is stock specific buying opportunity till short-term reverses.

Stock Picks:

DHFL - BUY
CLOSE – Rs 655.50
TARGET – Rs 700-740
DHFL closed the weekly in negative territory. Its consolidated in a narrow range during the week. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-626 for the target of Rs 700-740 levels in short-term.

POWER GRID - BUY
CLOSE – Rs 190.20
TARGET – Rs 198-205
POWER GRID closed the weekly in positive territory. It looks like the end of short-term correction. It managed to hold 20 DMA. Risk Reward is favourable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs-185 for the target of Rs-198-205 levels in short-term.

L&T - BUY
CLOSE – Rs 1342.60
TARGET – Rs 1380-1400
L&T closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It closed above 20DMA. One can BUY with a stop loss of Rs-1280 for the target of Rs-1380-1400 levels in short-term.

Short-term outlook for the market remains positive: Devang Shah

NIFTY
CLOSE- 10605.15 (25.05.2018)
The market closed the week in positive territory after high volatility during the week. It made a low of 10,430.35 levels on nifty & 34,302.89 levels on sensex during week. It looks like possibility of end of wave-II correction as mentioned last week.

Stock Picks:
DHFL- BUY
CLOSE – Rs 616.05
TARGET – Rs 645/680
DHFL closed weekly in positive territory. It looks like end of short term consolidation. It’s outperforming in short term. It’s trading above 40 DMA. Its weekly momentum indicators are in BUY. One can BUY with stop loss of 590 for the target of 645/680 levels in short term.

AXIS BANK- BUY
CLOSE – Rs 538.45
TARGET – Rs 560/580
AXIS BANK closed weekly in positive territory.Its trading above 20DMA. Its weekly momentum indicators care BUY. Risk reward is favorable to BUY at current levels. One can BUY with a stop loss of Rs 514 for the target of Rs 560/580 levels in short-term.

Support for Nifty seen at 10,120, resistance at 10,450: Prabhudas Lilladher

STOCK MARKET - Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
Nifty has given a strong bounce back, however for the confirmation of this continuation of the up move, it is essential for Nifty to move past 10,350-10,380 levels decisively. The support for the week is seen at 10,120 while resistance is seen at 10,450.

BUY LIC HOUSING FINANCE
CMP:  Rs 604.60        
TARGET: Rs 665          
STOP LOSS: Rs 574
The stock has witnessed a good correction from the peak of 675 to bottom out at 573 levels and now with a good positive bullish candle pattern in the daily chart, the stock looks attractive for further rise with strength and potential. The indicators have turned positive with the RSI indicating a steep rise with a trend reversal thus signaling a buy. With good volume participation witnessed, the positive bias is maintained and we recommend a buy in this stock for an upside target of 665 keeping a stop loss of 574.

BUY DHFL
CMP: Rs 635.50        
TARGET: Rs 685          
STOP LOSS: Rs 605
The stock has more or less formed a higher bottom formation pattern in the daily chart indicating a positive bias from here on and we anticipate it to give a breakout above the previous high of 679 level and scale new heights. The indicators like RSI also have shown a trend reversal and triggered a positive rise in the stock. With decent volume participation and promising factors supporting our view, we recommend a buy in this stock for an upside target of 685 keeping a stop loss of 605 level.

Markets check: Buy DHFL, Hindustan Zinc and Thermax

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW:
Nifty after correcting nearly by 50% of the recent swing has for now taken support at 10,100 levels. Market has witnessed a good bounce back rally from here, what now needs to be seen if Nifty manages to move past 10350 levels decisively for this rally to continue. The support for the day is seen at 10170 while resistance is seen at 10260.

BUY DHFL
CMP: Rs 623.50        
TARGET: Rs 685          
STOP LOSS: Rs 590
The stock is in an upward trend and now it has made a higher bottom formation pattern in the daily chart taking support at the significant moving average of 34-WMA and looks potentially attractive for further upside movement in the coming days. The stock looks poised for further gains and also the RSI has indicated a positive trigger signaling a buy and with good volume activity seen, we recommend a buy in this stock for an upside target of Rs 685 keeping a stop loss of Rs 590.

BUY HINDUSTAN ZINC
CMP: Rs 301.80        
TARGET: Rs 328            
STOP LOSS: Rs 288
The stock has more or less formed a higher bottom formation in the daily chart taking support at the 200-DMA which was at Rs 294. The stock looks attractive for an up move with potential and strength indicated with a positive bias. The RSI has also indicated a reversal in its trend and supports our view of a bullish run in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 328 keeping a stop loss of Rs 288.

Nifty outlook and few trading ideas by Chandan Taparia of MOSL

STOCK MARKET - Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:

NIFTY OUTLOOK

Nifty index continued its up move and made a new life time high of 9,928. However, it traded in a smaller trading range of 33 points but managed to give the highest daily close above 9,900 mark. Now, it has to continue to hold 9,900 zone to witness an up move towards 9,950-10,000 zones while on the downside supports are seen at 9,850 then 9,820 mark. Index has been making higher top – higher bottom formation and supports are gradually shifting higher which has a bullish implication for ongoing market trend.

Stocks:

DEWAN HOUSING FINANCE CORPORATION - BUY  
Last Close: Rs 456
Stop Loss: Rs 444
Target: Rs 480

DHFL has turned up after the consolidation of last two weeks with the rising trading volumes. RSI indicator is also suggesting a buy signal thus suggesting for an upside move towards 480 levels. Taken support at its rising trend line and holding well above the support of 430 and 444 for last several days.

ICICI BANK - BUY
Last Close: Rs 303
Stop Loss: Rs 297
Target: Rs 315

It has given the consolidation breakout and registered a highest daily close in last 2.5 years. It has given the consolidation breakout from 285 to 295 zones. Thus recommending to hold with the trailing stop loss of 297 for an upside target of 315.

JSW STEEL - BUY
Last Close: Rs 218
Stop Loss: Rs 212
Target: Rs 230

It has retested the breakout zone of 210 and holding the gains with emerging buying interest in the entire sector. Positive breakout with follow up buying suggests a fresh rally towards 230 mark.