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

The daily trend turns down in Nifty after 20 days with 10,630 holding as a crucial resistance level. The market is unable to move past 10,630 with 3 attempts. The support for the day is seen at 10,500 while resistance is seen at 10,620.

BUY  CENTURY TEXT   
CMP : Rs 1,231.85         
TARGET : Rs 1,300       
STOP LOSS: Rs 1,170

The stock has been maintaining a strong base at around 1200 levels and has shown a positive bias with potential and strength to rise further in the coming days. We anticipate a good run once it gives a breakout above the 200 DMA which lies at around 1270 levels and with the RSI in a positive trend and with decent volume activity, we recommend a buy in this stock for an upside target of 1300 keeping a stop loss of 1170.

BUY  INDIABULLS REAL ESTATE   
CMP : Rs 205.10         
TARGET : Rs 250       
STOP LOSS: Rs 180

The stock has made a double bottom formation in the daily chart near 170 level. The stock has made a good recovery and is on the rise and along with supporting favorable 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 250 keeping a stop loss of 180.

BUY  TATA GLOBAL   
CMP :  Rs 289.10         
TARGET : Rs 320       
STOP LOSS: Rs 260

The stock has been consolidating between the range of 270 and 285 for quite some time and now has produced a positive candle pattern in the daily chart maintaining a strong base at around 270 levels. The indicators have shown a positive bias with the RSI indicating a trend reversal to signal a buy and also the MACD has turned positive with potential for further upward move. With good decent consistent volume maintained, we recommend a buy in this stock for an upside target of 320 keeping a stop loss of 260.

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