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 has been making new highs closing just above the 10650 mark and as said earlier, a decisive breakout above the 10650-10670 barrier would bring about a fresh round of rally. The midcap and smallcap chart is also showing a revival after the short pause and we anticipate a good move again with a postive bias. However, the support for the day is seen at 10600 while the resistance would be at 10700 levels.

BUY GLENMARK PHARMA   

CMP : Rs 627      
TARGET : Rs 690      
STOP LOSS : Rs 600

The stock has recovered significantly from the bottom made at 530 levels and with a short consolidating phase at around 600 levels, it has formed a positive candle pattern in the daily chart to signify strength and potential to rise further with a positive bias. It has also moved above the significant moving average of 144WMA and has got more steam to produce further gains. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 690 keeping a stop loss of 600.

BUY DEEP INDS  
CMP : 238.25        
TARGET : 260
STOP LOSS : 226

The stock has been in a consolidation period for quite some time moving between the range of 204 and 213 levels and now has given a breakout moving above the previous peak of 237 level to signify a positive bias with strength and potential to gain further in the coming days. The chart looks attractive with the stock moving above the significant moving average of 144WMA and we anticipate a further rise to scale upto 255 levels. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 260 keeping a stop loss of 226.

BUY  CADILA HEALTHCARE    
CMP : 444.90
TARGET : 480
STOP LOSS : 430

The stock has given a good run from the bottom made at around 400 levels and after a short pause at 440 levels, it is again ready for a fresh move upward with a positive bias. The RSI has been on the rise so also is the MACD to signify strength and potential for further gains and with consistent decent volume participation, we recommend  a buy in this stock for an upside target of 480 keeping a stop loss of 430.