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 & Bank Nifty have its weekly trend up since 3 weeks while daily trend in Nifty continues to be positive while Bank Nifty is down since 3 days. Market is likely to consolidate at these levels with indicators for now showing no signs of correction. The support for the day is seen at 10380 while resistance is seen at 10725.

BUY VETO SWITCHGEARS  
CMP : Rs 215    
TARGET :  Rs 250    
STOP LOSS : Rs 195

The stock has been gradually on the rise and has indicated a positive bias and with a positive candle pattern formed in the daily chart, we anticipate a decent rise further in the coming days with potential and strength. The indicators have been favourable supporting our view of a positive trigger and With good volume participation, we recommend a buy in this stock for an upside target of 250 keeping a stop loss of 195.

BUY LUPIN  
CMP : Rs 797    
TARGET : Rs 880      
STOP LOSS : Rs 750

The stock has given a positive candle moving above the 34WMA moving average indicating a positive bias to rise further with potential and strength. The stock has been consolidating for quite some time at around 770 levels and now we anticipate it to give a breakout above the previous peak of 820 and scale further upward. With good volume activity witnessed, we recommend a buy in the stock for an upside target of 880 keeping a stop loss of 750.

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