Nifty outlook and top 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 took a breather to the ongoing rally to end on a flat note, while the sentiment is still maintained positive and as of now we have a good support at 10,500 -10,520 levels. However, the support for the day is seen at 10,580 while the resistance would be at 10,690 levels.
 
BUY CHENNAI PETRO    
CMP: Rs 442.50        
TARGET: Rs 475       
STOP LOSS: Rs 420
 
The stock has been moving in a trending mode upward making series of higher bottom formation pattern in the daily chart. Currently also it has taken support at the cluster of significant moving averages of 34 WMA and 144 WMA and has shown a positive bias with a trend reversal in the RSI to signal a buy with a steep rise. The volume participation has been tremendous and we recommend a buy in this stock for an upside target of 475 keeping a stop loss of 420.
 
BUY MARKSANS PHARMA   
CMP:  Rs 44.85     
TARGET: Rs 52    
STOP LOSS: Rs 41
 
The stock has made a bottom formation recently at around 34.20 and has recovered significantly from thereon and now has given a closing above the 200 DMA to indicate a breakout with a positive bias. The chart looks attractive with the RSI on the rise so also the MACD and we anticipate a further rise in the stock in the coming days with strength and potential. With increasing volume activity, we recommend a buy in this stock for an upside target of 52 keeping a stop loss of 41.
 
 BUY DHAMPUR SUGARS   
CMP: Rs 227.85     
TARGET: Rs 255      
STOP LOSS: Rs 210
 
The stock has corrected well from the levels of 307 and now has made a bottom formation at around 210 levels to show a recovery path with a positive bias. The RSI has indicated a trend reversal from the oversold zone and has been on the rise to signal a buy. The MACD has also triggered a bullish indication to make the chart look attractive for further rally in the coming days. With good volume participation and activity, we recommend a buy in this stock for an upside target of 255 keeping a stop loss of 210.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.