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Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW: Market has once again seen some exhaustion at higher levels breaking the immediate support of 10260 levels implying some more corrective move likely to occur. The support for the day is seen at 10180 while resistance is seen at 10280. All eyes are now on FOMC outcome and the big Gujarat election outcome next week.
Market is going to witness high volatility with cautious move; the volatility index too has been on rise. BUY ABAN OFFSHORE CMP: Rs 205.50 TARGET: Rs 224 STOP LOSS: Rs 194 The stock has made a double bottom formation pattern in the daily chart at around 190 levels and has produced a bullish candle to signify potential and strength to rise further in the coming days. The stock looks attractive with a positive bias and with the RSI also indicating a trend reversal to signal a buy, we recommend a buy in this stock for an upside target of 224 keeping a stop loss of 194 BUY ADANI PORTS CMP: Rs 402.50 TARGET: Rs 435 STOP LOSS: Rs 380 The stock has made a higher bottom formation pattern in the daily chart and has always maintained above the 200 DMA level to signify strength and has potential to scale further upward to retest the previous peak level of 443. The RSI also has shown a reversal from the oversold area and is on the rise to signify a positive bias in the daily chart and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 435 keeping a stop loss of 380 BUY ONGC CMP: Rs 183.30 TARGET: Rs 198 STOP LOSS: Rs 174 The stock has corrected well from the peak of 205 levels and has bottomed out at around 175 levels to create a double bottom pattern in the daily chart and now looks attractive for an up move with the stock taking regular support at the significant 200 DMA levels. With the RSI on the rise and showing positive bias, we recommend a buy in this stock for an upside target of 198 keeping a stop loss of 174 Disclaimer: The analyst may have positions in any or all the stocks mentioned above.