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 held on well above 10650 & if sustains above 10688 the weekly trend too would turn positive after 2 weeks. The support for the day is seen at 10670 while resistance is seen at 10780. Bank Nifty has been an outperformer with front line banking stocks continuing to surge higher, the range for the day would be 26730-27160. FMCG also continues to show good momentum with now focus on ITC, Dabur, Marico, etc.

BUY  TATA ELXSI   

CMP : Rs 1,237.10      

TARGET : Rs 1,340     

STOP LOSS : Rs 1,180

The stock has been in a strong uptrend making series of higher bottom formation pattern in the daily chart and currently has maintained above the significant 34 WMA moving average signifying strength and potential to rise further in the coming days. The stock is on the verge of a breakout above the 1260 levels and can bring about further fresh rally to see more upside. With favourable indicators supporting our view and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1340 keeping a stop loss of 1180.

BUY  AMARA RAJA BATT   

CMP : Rs 798.45     

TARGET : Rs 875    

STOP LOSS : Rs 770

The stock has witnessed a decent correction from the peak of 902 to bottom out at around 770 levels and has taken good support at these levels on several occasions to indicate a good time to watch for this stock. The stock has also moved past the significant 200 DMA and also the RSI has indicated a trend reversal from the oversold zone to signify strength and potential to rise further in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 875 keeping a stop loss of 770.

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