Nifty outlook and top trading ideas from Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
NIFTY VIEW
 
Market continues to slide further, with Nifty after making the lower top formation at around 10480 levels in the daily chart and now with the negative sentiment looming around, the 200 DMA level of 10160 would prove to be very crucial, which when breached can see fresh downward targets of 9800-9700 levels. However, the support for the week is seen at 9920 while resistance is seen at 10430.
 

BUY MAH &MAH        
CMP: Rs 740.75         
TARGET: Rs 795        
STOP LOSS: Rs 715

 
The stock has made a double bottom formation and taken support at the 200 DMA levels and from there on has recovered to indicate strength and potential to carry on the positive momentum still further upwards. The indicators are positive with the RSI showing a trend reversal with a buy signal and so is the MACD which is on the rise to support our view of a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 795 keeping a stop loss of 715.
 
BUY AJANTA PHARMA      
CMP: Rs 1410.45         

TARGET: Rs 1565        
STOP LOSS: Rs 1320
 
The stock has made a revival from 1310 levels on two occasions and has indicated a good support to make a significant recovery. The significant moving average of 50 DMA lies at 1365 level and the stock has given a breakout above this moving average and has signified a positive bias with strength to scale further upward. The volume has been tremendous and we recommend a buy in this stock for an upside target of 1565 keeping a stop loss of 1320.
 
BUY BALKRISHNA INDS      
CMP: Rs 1087.80          
TARGET: Rs 1240        

STOP LOSS: Rs 1015
 
The stock after the decent correction has bottomed out at around 1000 levels and has regained significantly to move past the moving average of 34 WMA which is at 1074 level and has indicated strength and potential to rise further till 1175-1190 levels. The RSI has been on the rise for quite some time and has maintained the positive bias. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 1240 keeping a stop loss of 1015.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.