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 breakout, as said earlier and is heading towards the significant level of 11,000 and the sentiment along with the bias has been maintained positive. Bank Nifty, too has reached near the 27,000 landmark which when breached would bring about a fresh breakout and we may see further fresh development.  However, the support for the day is seen at 10,880 while the resistance would be at 11,020 levels.

BUY EXIDE INDS
CMP: Rs 273.05
TARGET: Rs 300
STOP LOSS: Rs 260

The stock has made a good rally and now has given a breakout above the previous peak of 270 to signify strength and has the potential to rise further in the coming days maintaining a positive bias. The stock looks attractive for an upward move and with the RSI on the rise and MACD maintaining a bullish bias, there is more space left on the upside and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 300 keeping a stop loss of 260.

BUY TECH MAHINDRA
CMP: Rs 650.75
TARGET: Rs 705
STOP LOSS: Rs 630

The stock has given a good erosion from the peak of 721 to bottom out at around 633 levels and has indicated a revival with a positive bias. The RSI has hit the oversold zone and has shown a trend reversal to signal a buy and has made the chart look attractive for an entry for investors. With rising volume activity seen, we recommend a buy in this stock for an upside target of 705 keeping a stop loss of 630.

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