Nifty outlook and top trading ideas by Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:

NIFTY VIEW

The market gives a much-awaited bounce with Nifty making a high of 10,482. This bounce can be further expected to 10550 levels. Support for the day is seen at 34,540/10,400 while resistance is seen at 35,000/10,520. Bank Nifty would have a range of 25000-25,620. This would still be considered as a bounce-back rally unless we sustain above 10,550, we would have a further projection of 10,800 target.

BUY INDUSIND BANK   

CMP: Rs 1,638      

TARGET: Rs 1,800     

STOP LOSS: Rs 1,500

The stock has given a decent correction from the peak of 2038 to 1551 and takes support at around 1500 levels and now it has gradually regained strength indicating a positive bias. We anticipate the stock to rise further in the coming days with strength and potential and with most of the indicators in a positive strength and with good decent volume activity seen, we recommend a buy in this stock for an upside target of 1800 keeping a stop loss of 1500.

BUY DR REDDY’S    

CMP: Rs 2,484      

TARGET: Rs 2,800       

STOP LOSS: Rs 2,200

The stock has corrected from the peak of 2670 and currently has shown signs of bottoming out at around 2330 levels and produced a positive bullish candle to signify strength. It has maintained above the significant 200 DMA moving average, we anticipate a further rise from here on in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 2800 keeping a stop loss of 2200.

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