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 after making a high of 10784 precisely at the resistance level & gave in to profit booking with volatility index getting in momentum, now implies market is likely to show fatigue at these levels with not ruling out a good corrective move. The support for the day is seen at 10660 while resistance is seen at 10770. Market now awaits the Fed meet outcome.

BUY UJJIVAN FINANCIAL

CMP: Rs 420.05

TARGET:  Rs 460

STOP LOSS: Rs 406

The stock has rallied decently in the past recent days and has indicated a breakout above the previous peak of 422 levels to signify strength and potential to carry on the momentum still further upside in the coming days. The RSI is on the rise so also is the MACD to improve the sentiment and overall the stock is in positive bias. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 460 keeping a stop loss of 406.

BUY SUN TV

CMP: Rs 871.80

TARGET: Rs 940

STOP LOSS: Rs 855

The stock has been maintaining a strong support at around 855-860 levels and currently it has indicated a positive move to cross above the significant 200 DMA to signify strength and potential to rise further. The stock is poised for a rise maintaining a positive bias and we anticipate a move up till 930-935 in the coming days. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 940 keeping a stop loss of 855.

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