Top stock ideas by Prabhudas Lilladher: Buy Reliance, HDFC Bank

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

NIFTY VIEW

Nifty took support and made a revival from the levels of 10700 while Bank Nifty also made a decent recovery to end the 5 day slide to improve the sentiment a little bit. We anticipate volatility in the Bank Nifty index on account of the weekly expiry of Options segment.  However, the support for the day is seen at 10710 while the resistance would be seen at 10820 levels.

BUY RELIANCE 

CMP: Rs 1,019.25     

TARGET: Rs 1,080     

STOP LOSS: Rs 990

The stock has witnessed a good run right from around 910 levels in recent times and currently is on the verge of a breakout to signify positive bias and strength for further upward move. The indicators are all positive and favorable for an entry at this levels and with good volume participation and the chart looking attractive, we recommend a buy in this stock for an upside target of 1080 keeping a stop loss of 990.

BUY HDFC BANK  

CMP: Rs 2,056.15    

TARGET: Rs 2,150     

STOP LOSS: Rs 2,010

The stock has witnessed a decent correction from the peak of 2157 and has bottom out at around 2009 levels and is in a  consolidation phase. Currently a positive candle has been formed moving above the significant 34WMA moving average to indicate strength and potential to carry the price to further upwards and scale till 2120-2140 levels in the coming days. With decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 2150 keeping a stop loss of 2010.

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