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:

The daily trend in Nifty has been up since 8 days while in Bank Nifty it has been up since 17 days, market could witness wild swings ahead of Budget, also with indicators in overbought zone. The support for the day is seen at 11080 while resistance is seen at 11180. We maintain a cautious view with volatility being the market mood.

BUY  IGL
CMP: Rs 310.35
TARGET: Rs 345
STOPLOSS: Rs 300

The stock has given a correction from the peak of Rs 345 to consolidate and bottom out at around Rs 304 levels and is now showing a positive bias with positive divergence in the daily chart. The RSI has indicated a trend reversal and the stock is poised for an upward move in the coming days. With consistent volume participation seen, we recommend a buy in this stock for an upside target of Rs 345 keeping a stop loss of Rs 300.

BUY  INDUSIND BANK
CMP: Rs 1742.50
TARGET: Rs 1840
STOPLOSS: Rs 1680

The stock has indicated more or less a higher bottom formation pattern in the daily chart and has regained strength to take the stock to higher levels. It’s on the verge of a breakout level and can scale to new heights in the coming days. The RSI is on the rise and also the MACD has been indicating a positive bias with the potential to rise further. With good volume activity seen, we recommend a buy in this stock for an upside target of Rs 1840 keeping a stop loss of Rs 1680.

BUY  INDIAN OIL CORP
CMP: Rs 399.65
TARGET: Rs 430
STOPLOSS: Rs 380

The stock has made a bottom formation recently at around 378 levels and has regained significantly to indicate a revival and we anticipate a rally till Rs 425-430 levels in the coming days. The RSI has recovered from the oversold zone and is on the rise so also the MACD has indicated a trend reversal to signal a buy in this stock. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 430 keeping a stop loss of Rs 380.

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