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 corrected almost 480 points from the peak and is on the verge of retesting the previous low of 11250 which has been the support level as of now. Overall with the sentiment being weak, BankNifty has already breached the previous low and is heading for the 200DMA level which lies at 26100. However, the support for the day is seen at 37070/11220 while the resistance would be at 37500/11330. Bank Nifty would have a range of 26200-26680.

BUY GUJARAT ALKALIES & CHEMICALS

CMP: Rs 604.40

TARGET: Rs 675

STOP LOSS: Rs 580

The stock has given a breakout above the resistance level of 595 by forming a bullish candle pattern in the daily chart and has maintained above the significant 50DMA moving average to signify strength and has potential to rise further in the coming days. The RSI also has indicated a steep rise and has maintained a positive bias. With rising volume participation witnessed, we recommend a buy in this stock for an upside target of 675 keeping a stop loss of 580.  

BUY SYNGENE INTERNATIONAL

CMP: Rs 637.50

TARGET: Rs 690

STOP LOSS: Rs 615

The stock has been in a consolidation phase for quite some time hovering between the range of 585 and 620 levels and currently, it moved above that range to signify and anticipate fresh upward movement in the coming days. The RSI has been steadily on the rise and has maintained a positive bias and with the chart looking attractive, we recommend a buy in this stock for an upside target of 690 keeping a stop loss of 615.

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