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 crossing the much awaited resistance of 10,640 has reached the target of 10,700, view still remains bullish but 10,800-10,850 should be a level to watch as this would be a gain of 900 points from its correction which may witness profit booking. The support for the week is seen at 10,550 while resistance is seen at 10,850.

BUY  KARNATAKA BANK
CMP: Rs 122.50       
TARGET: Rs 135       
STOP LOSS: Rs 115

The stock after the decent correction has bottomed out at around 110 levels and has regained significantly to move past the moving average of 34 wma which is at 123 level and has indicated strength and potential to rise further till 135 levels., The RSI has been in a positive trending mode to signify strength in the stock for still furthermore rise in the coming days. With good volume participation witnessed we recommend a buy in this stock for an upside target of 135 keeping a stop loss of 115.

BUY  LARSEN & TOUBRO   
CMP : Rs 1,377         
TARGET : Rs 1,450       
STOP LOSS : Rs 1,320

The stock has been in a consolidation phase for quite some time and has taken support at around 1,330 levels and now has indicated a positive candle formation in the daily chart to signify strength and potential to rise further in the coming days. The stock has maintained above the significant moving average of 34 WMA and also the RSI has indicated a trend reversal to signal a buy. With good decent volume activity witnessed, we recommend a buy in the stock for an upside target of 1,450 keeping a stop loss of 1,320.

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