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
 

Nifty Market continues to move in narrow range with high volatility & no conviction in a consistent move. The support for the day is seen at 10350 while resistance is seen at 10460. Nifty once again needs to decisively cross 10435-10440 hurdle for next target of 10500 & hold it’s near term support of 10350. Media stocks like TV-18, TV Today, Network 18 etc are showing good strength.

BUY EDELWEISS CAPITAL      
CMP : Rs 269.85      
TARGET : Rs 292      
STOP LOSS : Rs 258
 

The stock has been gradually on the rising trend while taking support at the significant 200 DMA at regular falls and currently it has shown good recovery from the bottom to anticipate a significant move upwards to scale upto 296 levels. The RSI is also on the rising trend and recently with a trend reversal indicated it has signaled a buy and thus maintained a positive bias in the stock. With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 292 keeping a stop loss of 258.

BUY CHOLAMANDALAM FINANCE      
CMP : Rs 1,465.40      
TARGET : Rs 1,590    
STOP LOSS : Rs 1,410
 

The stock has made a higher bottom formation pattern in the daily chart which is where the 34 WMA moving average lies and an upmove from here on indicates strength and potential to give a breakout above the previous peak of 1487 and fresh upward move can be anticipated. The RSI has indicated a trend reversal signaling a buy with a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1590 keeping a stop loss of 1410.

BUY BAJAJ FINANCE      
CMP : Rs 1,710.10      
TARGET : Rs 1,850      
STOP LOSS : Rs 1,670
 

The stock has been range bound for quite some time moving between the range of 1580 and 1680 levels thus maintaining a consolidated phase and currently has indicated a breakout from that range signaling a fresh upward move with positive bias. The indicators are positive with RSI on the rise and with consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 1850 keeping a stop loss of 1670.

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