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 and Bank Nifty regained strongly to close above the 11000 and 27000 levels respectively improving the sentiment but only a breach of 11080 levels decisively for Nifty and 27150 for Bank Nifty can confirm the strength of the bounce back and can produce further upside movements. However, the support for the day is seen at 10950 while resistance is seen at 11070. Midcap stocks also made a good bounce back to improve the sentiment and bias.

BUY HERO MOTOCO   
CMP: Rs 3,488.60       
TARGET: Rs 3,620       
STOP LOSS: Rs 3370 

The stock has made multiple bottoms at 3400 levels and has bounced back from this levels, currently with a positive candle pattern formation, it is maintaining a positive bias. It has been maintaining a strong support level at around 3400 - 3350 levels and with the RSI also indicating a trend reversal, it has signalled a Buy and we anticipate this stock to move upward till 3500 -3550  levels. We recommend a Buy in this stock keeping a stop loss of 330 for an upside target of 3580 - 3620 levels in the coming days.

BUY STATE BANK OF INDIA     
CMP: Rs 259.05     
TARGET: Rs 278   
STOP LOSS: Rs 248 

The stock has given a good correction from the peak of 290 and has now been consolidating at around 255 levels and recently made a low of 250 levels and currently with a positive bullish candle has bounced back to signify strength and potential to rise further in the coming days. The RSI has indicated a trend reversal with a buy signal making the bias positive and with the chart looking attractive and decent volume participation witnessed, we recommend a buy in this stock for an upside target of 278 keeping a stop loss of 248.

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