Nifty outlook and top trading ideas by HDFC Securities for today's trade

Nifty outlook and technical calls by Vinay Rajani, Technical Analyst, HDFC Securities:

Nifty View

Nifty is holding its uptrend and trading around its all-time high. Nifty has achieved our anticipated target of 11,395 and now has been consolidating for last two sessions. Close above 11,395 in Nifty would push it towards the next target of 10,768. On the downside 11,300 is the first support followed by positional support at 11,200.

Buy Everest Industries 

CMP: Rs 523

Target Rs 590

Stop-loss Rs 470

The stock price has broken out from the “Flag” pattern on the weekly chart with a significant jump in volumes. The stock has been taking support on its 20-week exponential moving average. Primary trend of the stock has been bullish on its long-term charts. Recently stock price has claimed a level above the crucial resistance of its 200 DMA. We recommend buying Everest Industries for the upside target of 590, keeping SL at 470.

Buy Time-Technoplast 

CMP: Rs 157.55

Target Rs. 147

Stop-loss Rs 169

The stock price has broken out from the downward sloping channel pattern on the weekly chart with a significant jump in volumes. Short term moving averages have reached above medium-term moving averages. Oscillator Setup has turned bullish. We recommend buying Time-Techno last or the upside target of 169, keeping SL at 147.

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