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 recovered strongly from the low of 10821 but still the sentiment and bias remains cautious. The levels around 10820 - 10840 remains the support zone for Nifty while BankNifty shall have the support near around 24680-24700 levels. However, the support for the day would be seen at 36280/10940 while the resistance would be at 36750/11070 levels.BankNifty would have the range of 25100-25620 levels.

BUY ICICI BANK       

CMP: Rs 314          

TARGET: Rs 330-335        

STOP LOSS: Rs 299

The stock has made a good correction from around 346.80 price to consolidate near the 300 levels which is forming a good support level. The stock has made a good recovery with huge volume participation and also the RSI indicator has reversed its trend to give a buy signal. We recommend this stock for an upside target of 330 keeping a stop loss of 299.

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