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

Market continues to sustain well within the range, but for now, it is essential and crucial for Nifty to close decisively above the 10600 mark to have conviction and expect further up move in the coming days. Nifty has gained almost 360 points from the low made at 10138 while Bank Nifty also from the major support zone at 24350-24400 levels has picked up well. The support for the day is seen at 34900/10510 while resistance is seen at 35420/10650. Bank Nifty would have a range of 25320-25850. 

BUY STATE BANK OF INDIA    

CMP : Rs 270.30      

TARGET : Rs 300       

STOP LOSS : Rs 255

The stock has been consolidating for quite some time at around 260-266 levels gaining potential and currently, with the candle indicating a positive bullish pattern, the stock has got the strength to give further rise in the coming days. The RSI has indicated a positive trend reversal and has maintained a positive bias. With consistent good volume participation witnessed, we recommend a buy in this stock for an upside target of 300 keeping a stop loss of 255.

BUY TATA ELXSI     

CMP : Rs 1,040.70      

TARGET : Rs 1,160      

STOP LOSS : Rs 970 

The stock has witnessed a decent erosion from the peak of 1470 levels and has consolidated near the 960 levels forming a good base and currently has produced a positive bullish pattern in the daily chart to signify strength and has potential to rise further in the coming days. The RSI also has indicated a trend reversal from the oversold zone and has signalled a buy. With increasing volume participation witnessed, we recommend a buy in this stock for an upside target of 1160 keeping a stop loss of 970.

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