Nifty outlook and top trading ideas by Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.

NIFTY VIEW

Market consolidates in this very narrow range with Bank Nifty too consolidating after a good run-up. The support for the day is seen at 35850/10750 while resistance is seen at 36370/10900. Bank Nifty would have a range of 27230-27800. Market still observes an absolute stock specific movement, sector-wise Pharma is now showing signs of a pickup.

BUY STERLITE TECH   
CMP: Rs 290.30     
TARGET: Rs 325     
STOP LOSS: Rs 277

The stock has made a triple bottom formation pattern in the daily chart taking support on several occasions at around 280 levels and currently looks poised for an upmove to give a bounce back. The chart looks attractive and with the indicators turning out to be favourable, a positive bias is maintained. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 325 keeping a stop loss of 277. 

BUY TRIDENT   
CMP: Rs 70.95     
TARGET: Rs 80     
STOP LOSS: Rs 65

The stock has been consolidating with a round bottom formation and has recently picked up with a bullish candle pattern to signify strength and has the potential to rise further upward to give a breakout. The chart looks promising and with favourable indicators supporting our view accompanied with decent volume participation, we recommend a buy in this stock for an upside target of 80 keeping a stop loss of 65. 

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