Nifty outlook and top trading ideas from Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher.

NIFTY VIEW

Nifty has maintained the positive momentum for the 8th consecutive days and the daily trend has been up for the past 14 days. The barrier of 10470 has already been conquered and now waiting to test for the level of 10560 and thereafter 10630 where the major hurdles are anticipated. Once this has been achieved, Nifty can see fresh upward movements with a positive bias. However, the support for the day is seen at 10480 while the resistance would be at 10580 levels.

BUY CENTURY TEXT

CMP: Rs 1228.40

TARGET: Rs 1300

STOP LOSS: Rs 1170

The stock has given a breakout about the resistance level of 1220 and also has moved past the significant 50 DMA moving average to signify strength and potential to rise further in the coming days. The RSI has also shown a trend reversal in the recent past and has maintained a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1300 keeping a stop loss of 1170.

BUY BAJAJ AUTO

CMP: Rs 2838.30

TARGET:  Rs 3000

STOP LOSS: Rs 2745

The stock has witnessed a decent correction from the peak of 3468 to bottom out at around 2740 levels and currently has indicated a bullish candle pattern in the daily chart to make the stock look very attractive for further up move. The RSI has indicated a trend reversal to signal a buy and also the MACD has given a positive bias signal and we anticipate the stock to rise further with strength and potential to scale at least 300 levels in the coming days. With good consistent volume participation seen, we recommend a buy in this stock for an upside target of 3000 keeping a stop loss of 2745.

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