Nifty will see support at 9,770 levels today, says prabhudas lilladher

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

STOCK MARKET - Nifty outlook and few trading ideas

by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: Nifty Outlook 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

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