ALSO READPrabhudas Lilladher suggests buying Mah Seemless, ITC for today Nifty outlook and top trading ideas by Prabhudas Lilladher for today Intraday support for Nifty seen at 10,290, says Prabhudas Lilladher Intraday support for Nifty seen at 9,840, says Prabhudas Lilladher Buy Apollo Tyres, Aptech and Future Enterprises: Prabhudas Lilladher
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW Nifty is oscillating between 10,400-10,600 levels with the daily & weekly trend continuing to be down since past 10 days and 2 weeks. The support for the day is seen at 10,480 while resistance is seen at 10,600. Selective Pharma stocks look positive to bounce from their crucial support levels & also Gas stocks like MGL & IGL look positive from here on. BUY PNB CMP: Rs 161.65 TARGET: Rs 182 STOP LOSS: Rs 152 The stock has corrected from the recent peak of Rs 197 to bottom out at Rs 152 to Rs 155 levels and is now ready for an upward move with a positive bias. The chart looks promising and with much erosion from the peak of Rs 231, we anticipate the stock to scale till Rs 182 levels.BUY RECL CMP: Rs 154.05 TARGET: Rs 167 STOP LOSS: Rs 146 The stock has taken support at around Rs 140 levels making a double bottom formation in the daily chart and a good recovery from thereon suggests a positive bias maintained and indicate strength and potential to rise further in the coming days. The RSI has hit the oversold zone and has made a revival to signal a buy and also with other favourable factors, we recommend a buy in this stock for an upside target of Rs 167 keeping a stop loss of Rs 146. BUY MAHANAGAR GAS LTD CMP: Rs 1,029.60 TARGET: Rs 1120 STOP LOSS: Rs 970 The stock has witnessed a short correction from the consolidation range of around Rs 1,100 and has now bottom out at Rs 916 levels to signify a turnaround and we anticipate the stock to scale till Rs 1,060 levels. The chart looks attractive and with favourable indicators with a positive bias, there is strength and potential maintained and further improvement can be expected in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of rs 1,120 keeping a stop loss of Rs 970. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.