Nifty outlook and top trading ideas from Prabhudas Lilladher for today

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


After 6 days, the daily trend of Nifty has turned up to signify a positive bias and we anticipate the index to consolidate and make some pullback from these levels. On the upside, if Nifty breaches the 10,250 level decisively a positive sentiment can be established and can expect a bounce back to 10,500 levels. On the downside, 9,950 would act as a major support for the time being. The support for the day is seen at 10,080 while resistance is seen at 10,180.


CMP : Rs 544.10      

TARGET : Rs 590      

STOP LOSS : Rs 510

The stock has witnessed a gradual correction from the peak of 785 and has bottomed out at around 480 levels to make a recovery and now with the bullish candle pattern formed a positive bias has been maintained and we anticipate a further rise from here on with strength and potential to scale till 600 levels. The RSI has indicated a steep rise and also the MACD in on the rise for quite some time. We recommend a buy in this stock for an upside target of 590 keeping a stop loss of 510.

BUY   BATA    

CMP : Rs 742.85    

TARGET : Rs 800    

STOP LOSS : Rs 695

The stock has made a gradual downslide movement right from the peak of 832 made on 1st Nov 2017 and has taken support at the 200 DMA on twice occasions and has shown a positive candle to signify strength and has maintained a positive bias. With the MACD indicating a trend reversal and also the RSI showing a steep rise has confirmed our view of a positive move from here on and so we recommend a buy in this stock for an upside target of 800 keeping a stop loss of 695.


CMP : Rs 50.20      

TARGET : Rs 58      


The stock has almost made a higher bottom formation  pattern in the daily chart and has signified a positive bias to see further rise in the coming days. The stock has taken support at the 50 DMA which is at 46.60 levels and with the RSI indicating a trend reversal the chart looks attractive for an up move and can scale up to 56-58 levels. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 58 keeping a stop loss of 46.

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

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