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

Nifty has made a good recovery from the bottom made at 10000 levels to bounce and rise up to almost 10400 levels, however, the upward movement conviction can be maintained only a close above 10500-10550 levels and as for Bank Nifty, a breach of the level of 25900 would be crucial for further development.  However, the support for the day is seen at 34150/10300 while resistance is seen at 34720/10450. Bank Nifty would have a range of 24850-25430.

BUY ESCORTS

CMP: Rs 627

TARGET: Rs 720

STOP LOSS: Rs 560

The stock has formed a double bottom formation pattern in the daily chart at around 550 levels and has currently bounced back to signify strength and potential to carry on the momentum and rise further upwards in the coming days. The RSI has been on the rise and indicates a positive bias and with rising volume participation witnessed, we recommend a buy in this stock for an upside target of 720 keeping a stop loss of 560.

BUY BRITANNIA INDS

CMP: Rs 5,644.10

TARGET: Rs 6,150

STOP LOSS: Rs 5,300

The stock has corrected well from the peak of 6935 levels to bottom out at around 5255 levels and has recovered well to move past the significant 200 DMA moving average to signify potential and strength to rise further in the coming days. The RSI has indicated a trend reversal from the oversold zone and has signaled a buy and with good decent volume participation witnessed, we recommend a buy in this stock for an upside target of 6150 keeping a stop loss of 5300.

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