Nifty outlook and top trading ideas from Prabhudas Lilladher for today

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

NIFTY VIEW

Nifty after making a low of 10,049  gave a bounce up to 10,155 while Bank Nifty gave a bounce up to 24,355, however the selling pressure continues at higher level with advance-decline also being in negative market continues to be choppy & corrective.

BUY  SARDA ENERGY  
CMP : Rs 480        
TARGET : Rs 535      
STOP LOSS : Rs 440

The stock has made a bottom at around 400 levels and has made a good recovery. With RSI on the rise, the stock looks promising for un upside target of around 535 levels. We recommend a buy in this stock keeping a stop loss of 440.

BUY  CHOLAMANDALAM  FINANACE    
CMP : Rs 1,450        
TARGET : Rs 1,550      
STOP LOSS : Rs 1,350

The stock has produced a wonderful rally from low of 1205 and now it has made a higher bottom formation pattern in the daily chart also given a breakout above the previous peak of around 1490 levels. The stock look attractive with the RSI on the rise and also the MACD has indicated a trend reversal thus signaling a buy. With good volume throughout the year, we recommend a buy in this stock for an upside target of 1550 keeping a stop loss of 1350.

BUY BHARAT FINANACE    
CMP :  Rs 1,073        
TARGET : Rs 1,120      
STOP LOSS : Rs 1,030

The stock has been consolidating for some time at around 1020 to 1080  levels and now it has given a spurt with a positive candle pattern accompanied with good volume. The RSI indicator has been on the rise, we recommend a buy in this stock for an upside target of 1120 keeping a stop loss of 1030.

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