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 its daily & weekly trend turned up, however, needs to cross now the crucial hurdle of 10,830-10,850. Bank Nifty continues with its weekly trend down. The support for the week is seen at 10,580 while resistance is seen at 10,900. Auto sector and FMCG continue to be in positive while other sectors, for now, show exhaustion.

BUY CENTURY TEXTILES
CMP: Rs 918.85
TARGET:Rs 1,000
STOP LOSS: Rs 870

The stock has witnessed a decent correction from the peak of 1265 to show signs of bottoming out at around 850 levels and currently has produced a bullish candle pattern in the daily chart to show strength and is poised for an upward movement in the coming days with the bias improving and turning out to positive. The RSI also has been hovering near the oversold zone and currently has indicated a steep rise to signify still more further rise and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1,000 keeping a stop loss of 870.

BUY APOLLO TYRES
CMP: Rs 261.50
TARGET: Rs 282
STOP LOSS: Rs 250

The stock has given a good correction from 307 levels in the past 3 months and currently has bottomed out at around 247 levels and has produced a positive bullish candle pattern in the daily chart to signify strength and potential to rise further. Above 264 levels a breakout above the significant 200 DMA shall improve the bias and we anticipate a move in the upward direction till 275 - 280 is possible. With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 282 keeping a stop loss of 250.

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