Support for Nifty seen at 10,700, resistance at 10,810: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW

Market continues to move in a narrow range with the indices levels being maintained since last 9 days, with high volatility and selective heavy weights supporting the levels in rotation. The support for the day is seen at 10700 while resistance is seen at 10810. Cement stocks performed well and are likely to do so, now FMCG seems to be getting ready for new round of momentum with Dabur, ITC, etc look promising.

BUY HDFC LIFE     

CMP: Rs 467.60     

TARGET: Rs 504      

STOP LOSS: Rs 450

The stock has witnessed a correction from the levels of 507 and has currently been consolidating at around 465 levels forming a good base at these levels. The chart looks attractive with the RSI indicating a trend reversal to signify a revival and we anticipate the stock to rise further in the coming days. With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 504 keeping a stop loss of 450.

BUY UPL    

CMP: Rs 639.80      

TARGET: Rs 690     

STOP LOSS: Rs 615

The stock has eroded much of it gains in recent days from the peak of 775 levels and currently it has indicated signs of bottoming out at around 630 levels and with the RSI also reversing from the oversold zone to indicate a trend reversal has made the bias positive and we anticipate a rise from here on in the coming days. With the rising volume participation and with decent favourable risk reward ratio, we recommend a buy in this stock for an upside target of 690 keeping a stop loss of 615.

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