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 of Nifty has turned up after 4 days but still as said earlier, the levels of 10780-10800 would be crucial and only a decisive breach above that level would decide for a fresh further movement of the index. As of now, all eyes are waiting for the Karnataka election results and it would be a big event to watch for. However, the support for the day is seen at 10680 while resistance is seen at 10790.

BUY  HCL INFOSYSTEM  

CMP : Rs 51.40
   
TARGET : Rs 57    

STOP LOSS : Rs 48
 

The stock has corrected from the levels of 57 recently to bottom out at 48 and has produced a positive bullish candle pattern to signify strength and potential to rise further in the coming days. The RSI has indicated a steep rise from the oversold zone and has also signaled a buy. The chart looks very attractive for a decent return from current levels and with tremendous volume activity seen, we recommend a buy in this stock for an upside target of 57 keeping a stop loss of 48.

BUY TV18 BROADCAST    

CMP : Rs 62.35    

TARGET : Rs 68    

STOP LOSS : Rs 59
 

The stock has been in consolidation for some time at around 60-62 levels after giving a decent correction from the peak of 71. The RSI indicator has hit the oversold zone and has shown a trend reversal to indicate a positive bias and with the chart looking attractive we anticipate a bounce back and can rise upto 67-68 levels in the coming days. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 68 keeping a stop loss of 59.

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