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

Nifty truly in a yo-yo now once again in positive territory with its daily trend turning up, also out-performing Bank Nifty. Nifty with a close above 10850 has indicated a breakout above the previous trendline resistance and now builds the potential of an up move towards the 10930 levels. However, the support for the day is seen at 36030/10820 while the resistance is seen at 36600/10950 levels. BankNifty would have a range of 27100-27700.

BUY  KPIT TECH    

CMP: Rs 211.85       

TARGET: Rs 234       

STOP LOSS: Rs 200 

The stock has been maintaining good support at 202 levels and has indicated a bounce back with a positive bullish candle formation pattern in the daily chart and has signified strength and has potential to rise further in the coming days. The indicators like RSI has shown a trend reversal and has signaled a buy. With good volume participation witnessed and the chart looking attractive, we recommend a buy in this stock for an upside target of 234 keeping a stop loss of 200.

BUY  MEGHMANI ORGANICS     

CMP: Rs 59.35       

TARGET: Rs 67     

STOP LOSS: Rs 56 

The stock has witnessed a gradual correction in the recent times and currently has produced a big bullish candle formation in the daily chart to make the chart look attractive and promising and with a positive bias maintained, the RSI also has indicated a steep rise to signify strength and we anticipate the stock to rally further in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 67 keeping a stop loss of 56.

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