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: The daily trend of Nifty has turned down after 8 days and as of now, technically, Nifty is hovering at the peak levels with the RSI at highly overbought zone and currently if it breaks the 11,000 mark, then we anticipate a fall upto 10,700 - 10,500 levels for the time being. However, the support for the day is seen at 11,000 while resistance is seen at 11,100. Bank Nifty would have a range of 27,080-27,460. All eyes would be focused on the upcoming Budget results and so volatility is anticipated.

BUY  APOLLO TYRES
CMP :  Rs 258.45
TARGET : Rs 285
STOP LOSS : Rs 248
 

The stock has corrected well from the peak of Rs 288 to bottom out at Rs 250 levels which is also where the Rs 200 DMA lies to take good support and has indicated a revival with a positive candle pattern in the daily chart. The RSI has shown a trend reversal from the oversold zone with a positive bias and is in a rising trend. The volume participation is consistent and the chart looks attractive for further upward rise. We recommend a buy in this stock for an upside target of Rs 285 keeping a stop loss of Rs 248.

BUY AUROBINDO PHARMA
CMP : Rs 631.70
TARGET : Rs 685
STOP LOSS : Rs 610
 

The stock has witnessed a decent correction from the peak of Rs 809 and has been consolidating at around Rs 635 levels providing a good base at these levels. The stock is poised for an upward move with potential to scale up to Rs 700 levels in the coming days. The chart looks attractive with ample space on the upside and with positive indicators indicating a positive bias, we recommend a buy in this stock for an upside target of Rs 685 keeping a stop loss of Rs 610.

BUY SWAN ENERGY
CMP : Rs 216.55
TARGET : Rs 240
STOP LOSS : Rs 204
 

The stock has been on a good run in the past 2 months and has been on a rising trend with halts at regular intervals. Currently a higher bottom formation pattern has been witnessed in the daily chart and is poised for still further upward rise in the coming days. With the volume activity on the rise in recent past, the stock looks promising and we recommend a buy in this stock for an upside target of Rs 240 keeping a stop loss of Rs 204.

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