Nifty outlook and top 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:

Market continues to surge high with Nifty having its support level now elevated to 10,580, & Bank Nifty having its support at 25,700. Mid-cap sector has surely come in overbought on daily chart with RSI now making efforts to show signs of trend reversal whereby we maintain a cautious view & book profits. The support for the day is seen at 10,680 while resistance is seen at 10,780.

BUY IDBI BANK
CMP : Rs 62.90
TARGET: Rs 68
STOP LOSS: Rs 60

The stock has more or less made a higher bottom formation pattern in the daily chart taking good support at the 50 DMA and 200 DMA which lies at around Rs 60 -61 levels. The positive candle now formed indicates a positive bias with the RSI showing a trend reversal to signal a buy and has made the chart look attractive for an upward move. With the volume participation on the rise, we recommend a buy in this stock for an upside target of Rs 68 keeping a stop loss of Rs 60.

BUY EXIDE INDS
CMP : Rs 232.10
TARGET : Rs 245
STOP LOSS : Rs 220

The stock has been on a good run and now it has given a breakout above the previous peak of Rs 230 levels in the daily chart and has indicated a strong uptrend. The RSI has again indicated a trend reversal while also the MACD is on a positive bias anticipating a strong upside potential to rally. With good volume activity witnessed, we recommend a buy in the stock for an upside target of Rs 245 keeping a stop loss of Rs 220.

BUY LYKA LABS
CMP : Rs 73.25
TARGET : Rs 82
STOP LOSS : Rs 70

The stock has formed a series of higher bottom formation pattern in the daily chart and has been rising in a upward trend maintaining a positive bias. The positive candle formed now indicates a further rally with positive RSI and MACD also showing a positive trigger. With decent volume participation, we recommend a buy in this stock for an upside target of Rs 82 keeping a stop loss of Rs 70.