Buy Asian Paints, Indiabulls Housing Finance: Prabhudas Lilladher

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

NIFTY VIEW
 

Market continues to consolidate keeping the range of 10350 as support and 10440 as the crucial resistance.  With the narrow range movement it has become a intraday play in the market. The support for the day is seen at 33500/10300 while resistance is seen at 33860/10410. Bank Nifty would have a range of 24580-24980.

BUY ASIAN PAINTS    
CMP : Rs 1,160.80      
TARGET :  Rs 1,240      
STOP LOSS : Rs 1,120
 

After making the bottom at around 1100 levels, the stock has bounced back significantly and has now given a breakout above the 200 DMA which is currently at 1155 levels. The indicators like RSI is on the rise and has shown a positive bias with more space further on the upside. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 1240 keeping a stop loss of 1120.

BUY INDIABULLS HOUSING FINANCE    
CMP : Rs 1,237.95      
TARGET : Rs 1,350      
STOP LOSS : Rs 1,190
 

The stock has taken support at the significant 200 DMA which is at around 1200 levels and now a positive candle indication signifies strength and potential to recover from the bottom and can scale upto 1320 levels as the first target. The RSI has indicated a trend reversal to signal a buy and with good volume activity  seen, we recommend a buy in this stock for an upside target of 1350 keeping a stop loss of 1190.

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