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 been moving a very range bound zone between the 10920 and 11070 levels while Bank Nifty also has been moving between 26650 and 27150 levels.  A fresh development can only trigger a breach on either side of the indices. However, the support for the week is seen at 10820 while resistance is seen at 11160. Pharma sector looks attractive and is in a positive bias with stocks like Sun Pharma, Cipla and Auro Pharma looks promising for further upside.

BUY  INDUSINDBANK    
CMP: Rs 1,902.55      
TARGET: Rs 2,000    
STOP LOSS: Rs 1,860
 

The stock has  given a correction from the peak of 1990 to show signs of bottoming out at around 1880 levels and has currently indicated a positive candle pattern in the daily chart to signify strength for further upside movement in the coming days. The RSI also has shown a trend reversal from the oversold zone and has signaled a buy in this stock. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 2000 keeping a stop loss of 1860.

BUY  EXIDE INDS    
CMP: Rs 265.85    
TARGET: Rs 295    
STOP LOSS: Rs 250
 

The stock has formed a more or less higher bottom formation pattern in the daily chart and has currently indicated a positive candle to signify a positive bias and potential to rise further to scale till 290-295 levels. The stock has maintained above the significant 34 WMA and 50 DMA moving averages to signify strength and also the RSI has indicated a trend reversal to signal a buy in this stock. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 295 keeping a stop loss of 250.

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