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
 

Nifty has been oscillating between the levels of 10050-10250. Market players await the Fed outcome and we anticipate some volatility in the market. Since Nifty could not sustain above the 200 DMA level, the bias has turned negative. The support for the day is seen at 10090 while the resistance would be at 10210 levels.

BUY ASHOKA BUILDCON    
CMP : Rs 246.65      
TARGET : Rs 270    
STOP LOSS : Rs 232
 

The stock has made a higher bottom formation pattern in the daily chart taking support at the 200 DMA which was at 206 levels and has recovered gradually to indicate strength and has potential to rise further in the coming days. The stock has been currently maintaining at the significant moving average of 34 WMA which is at around 225 levels and with the RSI showing a trend reversal has supported in our view of a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 270 keeping a stop loss of 232.

BUY KAJARIA CERAMICS    
CMP : Rs 575.25      
TARGET : Rs 620    
STOP LOSS : Rs 548
 

The stock has witnessed a decent correction from the peak of 765 and has now bottomed out at around 545 levels and is consolidating to indicate potential to make a pullback from here on and scale upwards. The stock has also given a breakout above the significant moving average of 34 WMA and has maintained a positive bias. With the RSI showing a trend reversal it has signaled a buy and with good volume activity seen, we recommend a buy in this stock for an upside target of 620 keeping a stop loss of 548.

BUY JK LAKSHMI CEMENT      
CMP : Rs 435.35      
TARGET : Rs 470        
STOP LOSS : Rs 410
 

The stock after making a double bottom formation pattern in the daily chart at around 390 levels, has recently maintaining a strong base at around 412 levels . Currently a positive candle formed with a closing above the 200 DMA has indicated a positive bias and we anticipate a good bounce from here on to scale the previous peak level of around 465 - 470 levels. With the RSI turning positive with a buy signal and also the MACD indicating a trend reversal on the positive side, we recommend a buy in this stock for an upside target of keeping a stop loss of 410.

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