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 has been in an extremely volatile move giving wild swings each day. The market, for now, holds the 10530 support, it continues to make the higher bottom for a continuation of the uptrend. The support for the day is seen at 35360/10650 levels while the resistance would be at 35920/10800 levels. Bank Nifty would have the range of 26680-27300. We anticipate some volatility in the market being the expiry of F&O Derivative segment.

BUY MARUTI   

CMP: Rs 7,569     

TARGET: Rs 8,100    

STOP LOSS: 7,350

  

The stock has made a higher bottom formation pattern in the daily chart to take support at around 7400 levels and has indicated a positive candle to signify strength and has potential to rise further in the coming days. The chart looks attractive and is poised for an upmove with an improved bias and with consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 8100 keeping a stop loss of 7350.

BUY HINDUSTAN UNILEVER   

CMP: Rs 1,791.60      

TARGET: Rs 1,900     

STOP LOSS: Rs 1,720

The stock has formed a higher bottom formation pattern in the daily chart taking support at around 1740 levels and has indicated a reversal with a bounce back and we anticipate it to continue the upward movement with the same momentum and can achieve fresh upward targets. The volume participation has been good and with improved bias, we recommend a buy in this stock for an upside target of 1900 keeping a stop loss of 1720.

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