Support for Nifty seen at 11,320, resistance at 11,440: Prabhudas Lilladher

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

NIFTY VIEW

Nifty continues to consolidate since the past 3 days with a close nearly at the same level. The support for the day lies at 37,440/11,320 while resistance is seen at 37,830/11,440. Bank Nifty would have a range of 27,620-28,100. Among the Auto sector, Maruti and M&M look promising from these levels. HDFC twins along with Kotak Bank should do well to contribute to Bank Nifty. The mid-cap sector witnessed some profit booking, but overall a positive view is maintained.

BUY  RECL   

CMP: Rs 117.70      

TARGET: Rs 136       

STOP LOSS: Rs 106  

The stock has made a good base at around 90 levels after a decent correction and has given a good bounce back and currently, the stock has been consolidating for quite some time at around 115 levels and gaining strength for a further rally. The stock has been hovering around the significant 144 WMA moving average and has got potential to rise further upward in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 136 keeping a stop loss of 106.

BUY  CHOLA FINANCE       

CMP: Rs 1,438      

TARGET: Rs 1,560      

STOP LOSS: Rs 1,400 

The stock has been moving around the significant 200 DMA moving average taking a good support and we anticipate a further upward movement in the coming days with RSI also consolidating around the oversold zone and gaining the potential to make a bounce in the upward direction. The volume has been consistent and with the chart looking attractive, we recommend a buy in this stock for an upside target of 1560 keeping a stop loss of 1400.

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