Top trading ideas by Prabhudas Lilladher: Buy HDFC AMC, Axis Bank

Nifty outlook and top trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.

NIFTY VIEW

Nifty has its daily trend up, while trend of the other periodicities continue to be down. The index will show further up move only on breach above 11,180 -11,200 levels, which could bring about a fresh upward movement in the coming days for the next target of 11,300 & Bank Nifty should decisively move past 28,230 for next round of upmove. The support for the week is seen at 36,800/10,800 while resistance is seen at 37,750/11,300. Bank Nifty would have a range of 27,600-28,700.

Stock recommendation:

BUY HDFC AMC

CMP: Rs 2,262 

TARGET: Rs 2,800   

STOP LOSS: Rs 2,000

The stock has been on a good run for a long time and has maintained the uptrend consistently. The RSI has been on the rise and has significantly maintained the positive bias. We anticipate the stock to rise further with strength and potential and scale fresh new heights of 2800. With favourable factors supporting our view and decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 2800, keeping a stop loss of Rs2 000

BUY AXIS BANK     

CMP: Rs 675.65     

TARGET: Rs 750   

STOP LOSS: Rs 640 

The stock after a huge correction right from 820 levels has been consolidating for quite some time at around 640 levels and has now given a positive bullish candle with huge volume participation. The RSI has also indicated a trend reversal signaling a buy and we anticipate there is a huge potential for more upside targets. We recommend a buy in this stock for a target of Rs 750 keeping a stop loss of Rs 640.

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