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 gradually progressed towards 10600 levels, hence for near-term 10500 holds to be a crucial support level. The support for the day is seen at 10530 while resistance is seen at 10640

BUY ACC LTD

CMP: Rs 1565.30

TARGET: Rs 1700

STOP LOSS: Rs 1520

The stock has been in a consolidation phase for quite some time and has been maintaining above the significant moving average of 34 WMA signifying strength and potential to regain further upward in the coming days. The RSI has also shown a trend reversal indicating a buy in the stock. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1700 keeping a stop loss of 1520.

BUY FILATEX

CMP: Rs 190.45

TARGET: Rs 220

STOP LOSS: Rs 175

The stock has recovered significantly from the low of 149.45 and has gained with strength and now the current positive candle formed indicates great potential to rise further and also on the verge of a breakout above the previous peak of 191 makes the stock very attractive. The RSI has been on the rise while also the MACD shows a positive bias. With tremendous volume activity witnessed, we recommend a buy in this stock for an upside target of 220 keeping a stop loss of 175. 

BUY GLENMARK PHARMA

CMP: Rs 579.65

TARGET: Rs 630

STOP LOSS: Rs 550

The stock has given a positive candle pattern in the daily chart after a short consolidation period and now it looks attractive for an up move with potential an strength and we anticipate it to give a breakout above the previous peak of 586 levels. The RSI has improved indicating a trend reversal and thereby signalling a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 630 keeping a stop loss of 550.

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