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 given a pullback from the low of 10600 levels but has shown resistance near around 10750 levels. On the downside, we maintain the level of 10530 as a strong support and at the higher end, we anticipate 10800 level would be crucial and a breakout above that level would find the index in a new territory for more upside movement. However, the support for the day is seen at 10650 while resistance is seen at 10770.

BUY  MARUTI     

CMP: Rs 8775.20     

TARGET: Rs 9,350     

STOP LOSS: Rs 8,600

The stock has given a decent correction from the peak of 9350 to bottom out at around 8650 levels and is currently consolidating gaining potential and strength and we anticipate a rise from here on in the coming days. The indicator like RSI has hit oversold zone and indicating a trend reversal to signal a buy. The stock looks attractive and is poised for an up move maintaining a positive bias. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 9350 keeping a stop loss of 8600.

BUY  JUBILANT LIFE     

CMP: Rs 829.05   

TARGET: Rs 900   

STOP LOSS: Rs 795

The stock has formed a higher bottom formation pattern in the daily chart taking support at 791 and is indicating a positive bias with the RSI showing a trend reversal to signal a buy. It has maintained above the significant 200 DMA moving average and we anticipate 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 900 keeping a stop loss of 795.

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