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 as said earlier is near the peak level of 10850 levels and we anticipate choppiness and high volatility as the results would be released in the morning session. We maintain our levels of 10550 as a good support for Nifty on the downside while 10850-10900 would be a strong resistance. However, the support for the day is seen at 10740 while resistance is seen at 10860. All eyes would be awaiting for the Karnataka election results.

BUY JSW STEEL    
CMP : Rs 329.05      
TARGET : Rs 350    
STOP LOSS : Rs 312
 

The stock has been moving with a positive bias in a gradual trending mode upwards and with the RSI indicator indicating a trend reversal, we anticipate the stock to move up till 345-350 levels in the coming days. Also the stock has maintained above significant 34WMA moving average and with decent volume activity seen, we recommend a buy in this stock for an upside target of 350 keeping a stop loss of 312.

BUY NIIT TECH    
CMP : Rs 1,069.55      
TARGET : Rs 1,160    
STOP LOSS : Rs 1,020
 

The stock has been in a consolidation state in the past 4-5 days making almost a higher bottom formation pattern in the daily chart and looks attractive for an up move with a positive bias in the coming days. The RSI has shown a trend reversal signaling a buy and also the stock has maintained above the 34 WMA moving average. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1160 keeping a stop loss of 1020.

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