Nifty outlook and few trading ideas by Prabhudas Lilladher for today

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

NIFTY VIEW

The daily and weekly trend continues to show weakness in indices with selling seen in almost all sectors. Nifty has closed lower below 50 DMA & sentiment is now turning nervous for bulls. The support for the week is seen at 10260 while resistance is seen at 10600. Bank Nifty has still lot of room for downslide to a level of 24600-24500. We recommend a cautious approach and a corrective phase for market.

BUY POWER GRID

CMP: Rs 195.55

TARGET: Rs 215

STOP LOSS: Rs 188

The stock has witnessed a gradual correction from the peak of 226 to slide to make the low at 190 levels and has shown a good support. The stock has made a good recovery and is on the rise and along with supporting favourable indicators like the RSI which is on the rise indicating a positive bias and also the MACD which is in a positive trend, the stock looks attractive. With consistent volume activity seen, we recommend a buy in this stock for an upside target of 215 keeping a stop loss of 188.

BUY PI INDS

CMP: Rs 870.95

TARGET: Rs 960

STOP LOSS: Rs 830

The stock has made a higher bottom formation pattern in the daily chart after the correction from the peak of 1034 and has now indicated a positive bullish candle to signify strength and potential to rise further in the coming days. The indicators have turned favourable with the RSI showing a trend reversal indicating a good revival from the oversold zone and is on the rise showing a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 960 keeping a stop loss of 830.

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