Technical Stock Ideas: Stocks Showing Positive And Negative Trends From Prabhudas Lilladher

Based on technical analysis done by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd, there is 1 stock that has a positive trend and 24 socks showing a negative. She even mentioned 9 stocks that have crossed over 200 daily simple moving average. Given below are details.

"Nifty witnessed a huge gap down opening near 17350 zone on the back of weak global cues and remained rangebound between 17350 and 17450 zone for rest part of the session. The index has got the crucial support zone near 17200-17250 levels which if broken can further weaken the bias anticipating for further slide with next major support visible near 16700 levels. The support for the day is seen at 17250 while the resistance is seen at 17550." Vaishali Parekh mentioned.

As per the analysis, "BankNifty also witnessed a big gap down below the crucial 40800 zone and hit an intraday low of 17350 levels with bias shaken and has got the next major support area around 39600 zone where previous bottoms were made on twice occasions. BankNifty would have the daily range of 40000-41000 levels."

While the nifty and bank nifty opened gap down, 25 stocks showed trend reversals. Only one with a positive, and the remaining showed negative.

Positive: Buy BHARAT ELECTRONICS LTD at the market price of Rs 94.90, with a target price of Rs 105 per share at a stop loss of Rs 90 per share

Negative: BAJAJ FINSV, BALKRISHNA IND, BEL, COLPAL, DABUR, DEEPAKNTR, DIXON, DRREDDY, GAIL, GSFC, HDFCAMC, ICICIBANK, KOTAK MAH, M&M, MFSL, PIDILITEIND, RAMCO CEM, RBL BANK, RELIANCE, SBILIFE, SPARC, TATA CHEM, TITAN, UB

Stocks that moved above 200 daily moving average:

INOX WIND, ROSSELL INDIA, BHAGIRADH CHEM, TATA STEEL LONG, FM, MAH SEAMLESS, LT FOODS, SHRIRAM FINANCE, and GOLDIAM INTER

Disclaimer:

The stocks have been picked from the brokerage research of Prabhudas Lilladher, Greynium Information Technologies and the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.