Buy Allahabad Bank for a Target of Rs 54, SL of 40: Prabhudas Lilladher

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

NIFTY VIEW

Nifty has taken the near term support of 10480 from where it has given a good bounce above 10600. The RSI on daily chart also shows sign of bounce to continue to progress towards 10650-10700 levels. Bank Nifty too has been well placed keeping 26000 as crucial support. The range for the day is seen at 35080/10570 as support while resistance is seen at 35630/10700. Bank Nifty would have a range of 26080-26650. FMCG continues to show strength & now a bounce