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
 

Market continues to surge high closing at all time high now gives an upside projected target of 11400-11450 supported by Bank Nifty which too has got in new round of momentum coming out of consolidation aided by SBI, HDFC, ICICI, Axis, etc. The support for the day is seen 11100 while resistance is seen at 11230. Mid cap sector too is gradually reviving. Metal sector needs to get in momentum to show confirmation of bottoming out.

BUY M&M FINANCIAL SERVICE  
CMP : Rs 512      
TARGET : Rs 550    
STOP LOSS : Rs 492
 

The stock has been maintaining a good support around the significant 200 DMA moving average which was recently at around 462 levels and currently has given a good bounce with a positive bullish candle pattern in the daily chart to signify strength and potential to rise further in the coming days. The stock has actually given a breakout above the previous resistance of 500 levels and has come into a new zone. With the RSI on the rise and increasing volume participation witnessed, we recommend a buy in this stock for an upside target of 550 keeping a stop loss of 492.

BUY DCB  
CMP : Rs 167.75      
TARGET : Rs 186    
STOP LOSS : Rs 157
 

The stock has maintained a strong support at around 155-157 levels and has shown a good revival with a trend reversal indicated in the RSI to signal a buy and also the chart looks attractive for further upward movement in the coming days. The volume has been picking up and has maintained a positive bias and we recommend a buy in this stock for an upside target of 186 keeping a stop loss of 157.

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