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 closed in the red for the 2nd consecutive day and the sentiment has been shaky with Bank Nifty looking weak and ready for some more profit booking in the coming days. The RSI in both indices has indicated a steep downward movement and we suggest market players maintain a cautious outlook for the near future. The support for the day is seen at 37420/11280 while resistance is seen at 37820/11410. Bank Nifty would have a range of 27530-28000.

BUY INDUSIND BANK      

CMP: Rs 1,993.90       

TARGET: Rs 2,060      

STOP LOSS: Rs 1,954

The stock has witnessed a slight correction from the peak of 2038 and has bottomed out at near the significant 50 DMA moving average which is at 1950 levels and has indicated a decent revival to signify a good potential to rise further in the coming days. The chart looks attractive for upward movement from here on and with the RSI indicating a trend reversal has made the bias positive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 2060 keeping a stop loss of 1954.

BUY BIOCON    

CMP: Rs 571.70      

TARGET: Rs 625      

STOP LOSS: Rs 548

The stock has been consolidating for quite some time at around 565 levels and currently, a move past the significant 200 DMA moving average would turn the bias positive and would signify a further rise in the near future. The RSI has indicated a trend reversal signaling a buy and with consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 625 keeping a stop loss of 548.

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