Nifty outlook and top trading ideas by Prabhudas Lilladher

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

NIFTY VIEW

Indices though in overbought zone continue to be in all-time high levels along with Bank Nifty. There is a possibility of market witnessing a sideways move to a consolidation at these levels with 11200 as a strong support level. The support for the day is seen at 11320 while resistance is seen at 11440. If the benchmark index is to take a breather, we would see some movement in mid-cap stocks.

BUY GREENPLY INDUSTRIES     

CMP: Rs 218.35         

TARGET: Rs 248       

STOP LOSS: Rs 203

The stock has witnessed a huge erosion from the high made at 378 levels and has currently shown signs of bottoming out at around 195 - 198 levels and indicating a bounce back to make the chart look very attractive. The RSI also has turned its trend from the highly oversold zone and has signaled a buy to make the bias positive and has got potential to rise further in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 248 keeping a stop loss of 203.

BUY TVS MOTOR      

CMP: Rs 527.80         

TARGET: Rs 585       

STOP LOSS: Rs 490

The stock has given a good correction from the peak of 784 and has bottomed out at around 506 - 508 levels and has indicated a revival to signify strength and potential to rise further in the coming days. The RSI has hit the oversold zone and has shown a trend reversal with a steep rise to signal a buy to improve the bias. With the chart looking very attractive and with good rising volume participation witnessed, we recommend a buy in this stock for an upside target of 585 keeping a stop loss of 490.

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