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 creates history by scaling the 10,800 landmark for the first time and also the mid-cap and small-cap counters indicated good revival to make the trend intact. The support for the day is seen at 10,730 while resistance is seen at 10,850.

BUY ITC LTD
CMP : Rs 266.05
TARGET : Rs 285
STOP LOSS : Rs 255

The stock has given a positive candle moving above the 34WMA moving average indicating a positive bias to rise further with potential and strength. The stock has been consolidating for quite some time at around 265 levels and now we anticipate it to give a breakout above the previous peak of Rs 274 and scale further upward. With good volume activity witnessed, we recommend a buy in the stock for an upside target of Rs 285 keeping a stop loss of Rs 255.

BUY AUROBINDO PHARMA
CMP : Rs 657.25
TARGET : Rs 720
STOP LOSS : Rs 630

The stock has a given a short correction from Rs 681 levels to bottom out at Rs 634 and now has shown a recovery to signify a positive bias with more ample space upside with potential and strength. The chart looks attractive with the indicators indicating a trend reversal and we anticipate a bounce back to scale upto Rs 690 levels. With decent volume participation seen, we recommend a buy in this stock for an upside target of Rs 720 keeping a stop loss of Rs 630.

BUY JK TYRE
CMP : Rs 179.70
TARGET : Rs 198
STOP LOSS : Rs 169

The stock has given a good rally in the recent past and after a short halt, it has again indicated a bullish candle pattern in the daily chart to signify further strength and potential to carry on the positive momentum. The RSI has been on the rise so also the MACD is on a high note to indicate a positive bias. With good tremendous volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 198 keeping a stop loss of Rs 170.

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