 "Market outlook and top trading ideas by Prabhudas Lilladher")
MARKET VIEW
Market has been consolidating at these levels with selective stocks moving in rotation bringing in narrow trading opportunities. Support for the day is seen at 39,475/11,850 for Sensex and Nifty, respectively while resistance is seen at 40,000/12,000. Nifty now with decisive break of 11,850 can bring in further correction to 11,750 which still would not be damage to the trend. Bank Nifty would have a range of 31,300-31,950. Midcap sector continues to show strength.
BUY HDFC LIFE
CMP: Rs 424. 95
TARGET: Rs 460
STOP LOSS: Rs 400
The stock has made a decent correction from Rs 418 to Rs 390 levels and has made a trend reversal with a healthy green candle pattern. It has given a close above the cluster of moving averages which is significant. The relative strength index (RSI) indicator has also confirmed the buy signal with a trend reversal and we anticipate this stock to rally up to Rs 460 levels. We recommend a buy in this stock keeping a stop loss of Rs 400.
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