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 market continues with its yo-yo move, now with daily trend in Nifty & Bank Nifty once again turning up with participation coming from almost all sectors. Auto sector too shows signs of a bounce back which has so far taken a good beating along with good pick up seen in tyre stocks. Support for the day is seen at 34950/10535 while resistance is seen at 35330/10640. Bank Nifty would have a range of 25575-25980; ICICI has shown good momentum getting ready to make a new high.

BUY ICICI BANK       

CMP: Rs 360.90         

TARGET: Rs 400      

STOP LOSS: Rs 330 

The stock has been consolidating for some time at around 340 - 350 levels and now it has given a spurt with a positive candle pattern accompanied with good volume. The RSI indicator has also made a trend reversal with a buy signal. We recommend this stock to buy for an upside target of 400 keeping a stop loss of 330.

BUY HERO MOTOCORP      

CMP: Rs 2879.70        

TARGET: Rs 3100      

STOP LOSS: Rs 2750

The stock has given a decent correction from the levels of 3300 to 2650 levels and from thereon has made a good recovery to reach till 2975 level. With the RSI being strong and on the rise, we anticipate a strong upward move still further to around 3100 levels. We recommend a buy in this stock keeping a stop loss of 2750.

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