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 been resisting at around the 10600 level and is in a consolidation range between 10450 and 10600 levels and a breach of either side of these levels can bring about a fresh movement. Similarly, for Bank Nifty, on the upside 25860 level is capped as of now and support on the downside is 25500 levels. The support for the week is seen at 34380/10330 levels while the resistance is seen at 35670/10760 levels. Bank Nifty would have a range of 25000 - 26300 levels.

BUY ZEE ENT     

CMP: Rs 450.15       

TARGET: Rs 500       

STOP LOSS: Rs 430

The stock has almost made a double bottom formation in the daily chart at around 411 levels and has made a revival with a consolidation period to signify strength and has potential to rise further in the coming days. The RSI also has recovered from the oversold zone and has been on the rise to indicate a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 500 keeping a stop loss of 430.

BUY LT FOODS     

CMP:  Rs 46.55      

TARGET: Rs 53     

STOP LOSS: Rs 43

The stock has witnessed a decent correction from the peak of 98 and has bottomed out near 35 levels and made a good recovery to rise above the significant 50DMA which lies at 45.70 and has maintained a positive bias to signify strength in the stock. The RSI also made a good recovery from the oversold zone to indicate a steep rise and with good volume activity seen, we recommend a buy in this stock for an upside target of 53 keeping a stop loss of 43.

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