13 Technical Stock Ideas From Prabhudas Lilladhar Showing A strong Positive Trend

Brokerage firm Prabhudas Lilladher shared insights about Nifty and Bank Nifty movement along with stock ideas based on technical analysis. The stocks mentioned show a strong trend reversal either positive or negative. The technical analysis is done by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd.

As per the technical research by the analyst, "Nifty once again has held levels near the 18050 zone, indicating strong support, and has witnessed a decent pullback to breach the crucial hurdle of the 18200 zone, anticipating a further upward rise in the coming days with major frontline stocks among the various sectors beginning to show significant strength. The support for the day is seen at 18100 levels while the resistance is seen at 18400 levels."

While the Bank nifty is also gaining strength, it has moved past the 43,500 zones quite convincingly and is expected to carry on with the momentum still further upside to 4,40,00 levels. With the overall trend improving, we maintain a positive outlook and can look out for fresh stocks for further gains. Banknifty would have a daily range of 43,000-44,300 level, as per the report.

Stocks showing a strong positive trend

A total of 13 stocks are showing a strong positive trend and are thus suitable to buy now for traders. The stocks are Va Tech Wabag Ltd, CESC Ltd, Page Industries Ltd, Ashoka Buildcon Ltd, Kotak Mahindra Bank, Strides Pharma Science Ltd, Sun Pharmaceutical Industries Ltd, Torrent Power Ltd, Acc Cement, Adani Enterprise Ltd, Adani Ports & Special Economic Zone and Bajaj Finance Ltd.

Stocks showing a strong negative trend

A total of 12 stocks are showing a strong negative trend, which is good for selling now. ITC Ltd, Castrol India Ltd, Nestle India Ltd, Petronet LNG Ltd, Firstsource Solutions Ltd, Dabur Ltd, Alkem Laboratories Ltd, Indiabulls Real Estate Ltd, Marico Ltd, BSE Limited, Aurobindo Pharma Limited, Gujarat Mineral Development Corporation Limited are showing a negative trend.

Buy Ashok Leyland Stock

The analyst has suggested buying the auto stock of Ashok Leyland, keeping in mind the target price of Rs 153 per share, with a stop loss of Rs 142 per share. However, the latest market price of the stock is Rs 144.60 per share, down by 0.62 per cent over the previous day's closing, at the time of writing this piece. In the last one year, the share price has surged by nearly 21.26 per cent while over three years it has skyrocketed by 203.78%.

Disclaimer

The stocks have been picked from the brokerage report of Prabhudas Lilladher. Greynium Information Technologies, 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.