Nifty outlook and few trading ideas by Prabhudas Lilladher for today

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

NIFTY VIEW

 
Nifty tanked during the last session and indicating some support at the 10,324 levels and we maintain that the level of 10,280 would be crucial which if broken can test the 10,120 mark in the coming days which is also where the 200 DMA lies. The support for the day is seen at 10,300 while the resistance is seen at 10,400. With some pullback recovery anticipated, we advise to maintain a cautious view.

BUY  BAJAJ ELECTRICALS  

CMP: Rs 546.55      

TARGET: Rs 600    

STOP LOSS: Rs 515

 
The stock has been consolidating for quite some time at around 510 levels and now it has indicated a breakout above that range to signify strength and a positive bias has been maintained. The RSI is on the rise so also is the MACD to provide more support to our view of a buy. The stock is anticipated to rise further and can scale upto 600 levels in the coming days. With the volume activity consistent and improving, we recommend a buy in this stock for an upside target of 600 keeping a stop loss of 515.

BUY  TORRENT PHARMA  

CMP: Rs 1,366.60      

TARGET: Rs 1,470      

STOP LOSS: Rs 1,310

 
The stock has given a correction from the peak of 1450 and has made a bottom at around 1300 levels where it has maintained a good base on previous occasion also. Currently it has indicated a positive candle pattern in the daily chart to signify strength and potential to rise again further and with the RSI also indicating a positive bias showing a trend reversal, it has signaled a buy. With the volume participation improving and the indicators supporting a further upward move, we recommend a buy in this stock for an upside target of 1470 keeping a stop loss of 1310.

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

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