Nifty outlook and top 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 and BankNifty have given a decent bounce back from their intraday lows made this week and has formed a higher bottom formation to improve the bias maintaining above the significant 200DMA. The weekly uptrend has been maintained to indicate some further upside movement in the coming days. However, the support for the week is seen at 35500/10680 while resistance is seen at 36760/11080. Bank Nifty would have a range of 26540-27800.

BUY CYIENT
CMP: Rs 614.50
TARGET: Rs 665
STOP LOSS: Rs 594

The stock has maintained a strong base at around 595 levels taking support on several occasions and currently has given a positive candle pattern in the daily chart to signify strength and has potential to rise further in the coming days. The RSI has indicated a trend reversal to improve the bias and signal a buy in the stock. With the chart looking attractive and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 665 keeping a stop loss of 594.       

BUY CENTURY TEXT
CMP: Rs 918.90
TARGET: Rs 980
STOP LOSS: Rs 880

The stock has made a bottom at around 872 level which was at the significant 50DMA moving average and has produced a positive candle to indicate improved bias and strength for a further upward move. The RSI has indicated a trend reversal to signal a buy and made the chart look attractive. With favourable indicators and good volume participation witnessed, we recommend a buy in this stock for an upside target of 980 keeping a stop loss of 880.

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




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