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 of now took support at around 10,550 levels and recovered to move past 10,700 levels but still the conviction has not been maintained for further upward movement until it moves past 10,750-10,770 levels decisively. Bank Nifty also showed some sort of resistance at around 26,450 levels and the chances of some profit booking cannot be ruled out in the coming days. However, the support for the week is seen at 10,520 while resistance is seen at 10,880.

BUY LARSEN & TOUBRO    

CMP: Rs 1,275.10    

TARGET: Rs 1,360    

STOP LOSS: Rs 1,225

The stock has witnessed a decent correction from the peak of 1,424 to bottom out at around 1210 levels and has produced a positive bullish candle pattern in the daily chart to signify strength and potential to rise further in the coming days. The chart looks very attractive and with the RSI also bouncing from the oversold zone, the bias has turned positive and one can accumulate this stock. With good decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 1,360 keeping a stop loss of 1,225.

BUY JET AIRWAYS   

CMP: Rs 346.90     

TARGET: Rs 420    

STOP LOSS: Rs 320

The stock has witnessed a great erosion from the levels of 650 to shown signs of bottoming out at around 330 levels and we anticipate a bounce back from here on to scale till 420-440 levels. The RSI has shown a steep rise from the highly oversold zone and has indicated a trend reversal to signify strength and potential to rise further in the coming days. With the chart looking attractive, we recommend a buy in this stock for an upside target of 420 keeping a stop loss of 320.

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