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 relief rally continues with Nifty now sustaining above 10500 levels supported by Pharma and Tech stocks along with ITC. The support for the day is seen at 34600/10450 while resistance is seen at 35100/10570. Bank Nifty would have a range of 25130-25650. IT sector has got in a new round of momentum along with Pharma stocks which are in positive territory. RSI on the daily chart has bounced from its oversold zone and if this rally continues a level of 10800 cannot be ruled out.

BUY ADANI ENTERPRISES LTD.

CMP: Rs 152.45        

TARGET: Rs 172       

STOP LOSS: Rs 138

The stock has made a higher bottom formation pattern in the daily chart taking support at around 125 levels and giving a bounce to signify furthermore upside movement in the coming days. The stock looks promising and with favourable indicators indicating a positive bias and with decent volume activity seen, we recommend a buy in this stock for an upside target of 172 keeping a stop loss of 138.

BUY MPHASIS   

CMP: Rs 1085.30         

TARGET: Rs 1200       

STOP LOSS: Rs 1020

The stock has witnessed a decent correction from the peak of 1270 to bottom out at around 1000 levels which is also where the significant 200 DMA lies and has indicated a positive bullish candle pattern in the daily chart to signify strength and has potential to rise further in the coming days. The chart looks attractive and with the RSI also indicating a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1200 keeping a stop loss of 1020.