Nifty outlook and few trading ideas by 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 in Nifty & Bank Nifty has turned positive after 5 and 6  days respectively. This would still be considered a bounce back rally after Nifty respecting the support of 200dma, a decisive move past 10440 would give further targets of 10500-10600 levels. Private sector banks would still be a good buy compared to PSU, also FMCG sector with ITC, HUL look positive for days to come. The support for the day is seen at 10360 while resistance is seen at 10480.

BUY  HDFC LTD      
CMP : Rs 1858.05        
TARGET : Rs 2000      
STOP LOSS : Rs 1770               
 

The stock has made a more or less double bottom formation in the daily chart at around 1760 levels and has recovered significantly to give a breakout above the peak of 1850 and has indicated a positive bias with more further upside potential to scale. The RSI has shown a steep rise from the oversold zone to indicate strength and with consistent volume activity seen, we recommend a buy in this stock for an upside target of 2000 keeping a stop loss of 1770.

BUY  RAYMOND    
CMP : Rs 923.45        
TARGET : Rs 1020      
STOP LOSS : Rs 870    
 

The stock has formed a higher bottom formation pattern in the daily chart at around 874 levels and also we can say that it has taken support at the 200 DMA moving average and a rise from here on is anticipated. The RSI has indicated a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1020 keeping a stop loss of 870.

BUY  NETWORK 18 BRDCST    
CMP : Rs 53.80        
TARGET : Rs 62        
STOP LOSS : Rs 49     
 

The stock has been maintaining a strong support at around 47.50 levels for quite some time and currently has indicated a pullback to show a positive bias moving above the 200 DMA moving average to witness a breakout. The RSI is indicating a bullish view for the coming days. The chart looks attractive for more upside and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 62 keeping  a stop loss of 49.

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