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 as said earlier, indicated some consolidation at around 10500 levels and chances of some pullback recovery cannot be ruled out. On the downside if 10500 is breached decisively, then we may find fresh downward movement where the first major support would be at 10330 levels. The support for the day is seen at 10480 while resistance is seen at 10590. Pharma stocks could now act as a defensive sector, however, we need to wait for a few days for a confirmation. 

BUY CROMPTON GREAVES CONSUMER    
CMP : Rs 243.90    
TARGET : Rs 260    
STOP L OSS : Rs 230
 

The stock has been in consolidation for quite some time at around 240 levels and currently has maintained above the 34WMA moving averages to indicate a positive bias and is poised for an up move in the coming days. Also it has moved above the 200 DMA and has made the chart look attractive for a bounce up to 255-260 levels. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 260 keeping a stop loss of 230.

BUY CENTURY PLY  
CMP : Rs 270.90    
TARGET : Rs 310  
STOP L OSS : 250
 

The stock has witnessed a decent erosion from the peak of 355 to bottom out at around 255 levels and currently has produced a positive bullish candle to signify strength and potential to rise further in the coming days and has made the chart look very attractive. The RSI has indicated a trend reversal from the oversold zone and has signaled a buy. With volume participation on the rise in recent days and with the risk reward ratio favourable enough, we recommend a buy in this stock for an upside target of 310 keeping a stop loss of 250.

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