Nifty outlook and top trading calls for today's trade: Prabhudas Lilladher

Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty View:

The weekly and daily trend have turned down in all the 3 indices, thus upside for now is capped & market may witness some more corrective move. A break of 9,960 levels would drag Nifty to 9,850. The support for the day is seen at 9,800 while resistance is seen at 10,100.

  

BUY TECH MAHINDRA    

CMP: Rs 458.40       

TARGET: Rs 500     

STOP LOSS: Rs 430

The stock has been in a trending mode and has been on a good run taking support at the significant moving average of 34-WMA and we anticipate it to rise further with strength till around Rs 480. It has given a breakout above the 200-DMA and also the RSI has been on the rise indicating potential and supporting our positive bias and with decent volume activity going on, we recommend buying this stock now and also at every decline for an upside target of Rs 500 keeping a stop loss of Rs 430.

  

BUY MAHINDRA CIE AUTO    

CMP: Rs 239.55       

TARGET: Rs 262       

STOP LOSS: Rs 30

The stock has been consolidating for some time gaining strength and maintaining its level above the significant moving average of 144-WMA and we anticipate further more rally upside. The stock looks attractive and with good volume participation witnessed, we recommend buying this stock now and at every decline for an upside target of Rs 262 keeping a stop loss of Rs 230.

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