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

Nifty has crossed the hurdle of 10830-10850, now likely to break out from this range for higher targets with supporting indicators. Bank Nifty too amidst all the choppiness continues to surge with star performers like Axis & ICICI. The support for the day is seen at 35930/10780 while resistance is seen at 36500/10920. Bank Nifty would have a range of 27430-28030. The market now awaits the result of IT Giant TCS. ITC & Tata Motors too have after a long consolidation come out of its range.

BUY  NIIT TECH  

CMP: Rs 1,162.25      

TARGET: Rs 1,260      

STOP LOSS: Rs 1120

The stock has been consolidating for quite some time at around 1120 – 1140 levels gathering strength and has taken support at the significant 200 DMA moving average and currently has produced a bullish candle pattern in the daily chart to signify a positive bias and is poised for upward movement in the coming days. The RSI has indicated a trend reversal and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1260 keeping a stop loss of 1120.

BUY  MOTHERSON SUMI   

CMP: Rs 161.95      

TARGET: Rs 175         
STOP LOSS: Rs 153

The stock has indicated a higher bottom formation pattern in the daily chart taking support at 155 levels and shown a bounce back movement to signify strength and has potential to continue the momentum still further upside in the coming days. The RSI has indicated a trend reversal to signal a buy and with consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 175 keeping a stop loss of 153.

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