Nifty outlook and top trading ideas by Prabhudas Lilladher

Nifty outlook and key trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
NIFTY VIEW:
 
Market has continued with its selling and now with the crucial support of 10,080 being broken decisively, Nifty is set to slide towards its next support of 9,900-9,850. The support for the day is seen at 10,000 while resistance is seen at 10,100.
 

BHEL - BUY    
CMP: Rs 90.30       
TARGET: Rs 99     
STOP LOSS: Rs 87
 
The stock has been forming a series of higher bottom formation pattern in the daily chart and overall is in an upward trending mode showing potential and strength to rise further upward. The RSI has been showing a positive trigger and can scale upward to indicate a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 99 keeping a stop loss of 87

 
NILKAMAL - BUY     
CMP: Rs 1,788.35     
TARGET: Rs 1,950   
STOP LOSS: Rs 1,680
 
The stock has indicated a higher bottom formation pattern in the daily chart and has produced a big positive bullish candle to signify positive bias and strength to carry the stock to further price rise in the coming days. The RSI has indicated a trend reversal with a steep rise and has signaled a buy. With good volume activity seen, we anticipate a good further upward rise and hence we recommend a buy in this stock for an upside target of 1950 keeping a stop loss of 1680.

 
ALANKIT - BUY      
CMP: Rs 44.95     
TARGET: Rs 52    
STOP LOSS: Rs 42
 
The stock has witnessed a good run recently some 2 weeks back and then after a short correction has now formed a higher bottom formation in the daily chart. A positive candle produced indicates a further rise with potential and we anticipate the stock to regain strength and move past the previous peak of 50.35 to scale around 52 levels. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 52 keeping a stop loss of 42
 

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