Nifty outlook and trading ideas by Prabhudas Lilladher for today's trade

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

NIFTY VIEW:

Nifty has been resisting at 10650 levels and now a consolidation between the range of 10650 and 10580 can be witnessed and fresh upside movement can be confirmed only if it decisively gives a breakout above the 10650 levels. However, the support for the day is seen at 10580 while the resistance would be at 10690 levels.

BUY INDIA CEMENTS     

CMP: Rs 193       

TARGET: Rs 220       

STOP LOSS: Rs 182

The stock has moved significantly in the recent past and has made a new high and with the stock moving above the 200 DMA, there is still more upside potential remaining and it can scale upto 220-225 levels. The indicators has been favourable with a positive bias and with rising volume activity witnessed, we recommend a buy in this stock for an upside target of 220 keeping a stop loss of 182.

BUY SADBHAV ENGINEERING   

CMP: Rs 427.50      

TARGET: Rs 475    

STOP LOSS: Rs 400

The stock has been on a good run making series of higher bottom formation pattern in the daily chart and now a positive candle pattern has triggered a positive bias and we anticipate the stock to rise further till 470 levels. The RSI has indicated a trend reversal to signal a buy and with tremendous volume activity seen, we recommend a buy in this stock for an upside target of 475 keeping a stop loss of 400.

BUY INDO COUNT INDS   

CMP: Rs 134.15        

TARGET: Rs 148    

STOP LOSS: Rs 124

The stock has given a breakout above the previous peak of 129 where there was a strong resistance and now has indicated a positive bias to move further upward with strength and potential. The RSI has been on the rise and so also the MACD is in a strong upward trend. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 148 keeping a stop loss of 124.

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