Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW: Nifty close above the 10,500 landmark indicating a breakout above the consolidation range while Sensex touches 34K for the first time, thus improving the sentiment among the market players before the expiry of the F&O Derivative segment. However, the support for the day can be seen at 10,480 while the resistance is would be at levels 10,580. BUY GATI CMP: Rs 140.90 TARGET: Rs 155 STOP LOSS: Rs 132 The stock has performed well in the past 3 months with a upward trending bias and now it has indicated a higher bottom formation pattern in the daily chart and has recovered with strength and potential to rise further in the coming days. The RSI has been on the rise and with the MACD also indicating a trend reversal, it has signaled a buy in this stock. With volume activity improving in the recent days, we recommend a buy in this stock for an upside target of 155 keeping a stop loss of 132. BUY BHARTI INFRATEL CMP: Rs 369.10 TARGET: Rs 400 STOP LOSS: Rs 350 The stock has given a decent correction from the peak of 482 to bottom out at around 347 levels and has indicated a decent recovery.
The RSI has regained strength from the highly oversold zone and also the MACD has shown a trend reversal signaling a buy in the stock. Technically, the stock looks attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 400 keeping a stop loss of 350. BUY AMBUJA CEMENTS CMP: Rs 273.30 TARGET: Rs 298 STOP LOSS: Rs 260 The stock has been in consolidation phase moving in a range bound zone for quite some time and at regular intervals has been taking support at the significant 200 DMA which now lies at 260 levels. Currently a positive candle pattern has been formed indicating a positive bias and with RSI strongly recovering and MACD also on the rise, we anticipate a further rise in the stock in the coming days. With active volume activity witnessed, we recommend a buy in this stock for an upside target of 298 keeping a stop loss of 260. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.