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 crossed the hurdle of 10,650 levels decisively which gives a further upward potential target of 10,750-10,800 levels, however a one way move of around 270 points, we can see some profit booking to consolidation with volatility as we are approaching the expiry day. The support for the day is seen at 10,640 levels while the resistance would be at 10,740 levels.

BUY BAJAJ AUTO    

CMP: Rs 2,790.15      

TARGET: Rs 3,050     

STOP LOSS: Rs 2,690

The stock has made a decent correction from the higher levels of 3468 to 2703 where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. The RSI indicator also is recovering from its oversold zone and hence we recommend a positional buy in this stock for an upside target of 3050 keeping a stop loss of 2690.

BUY AMBUJA CEMENT  

CMP: Rs 212.10   

TARGET: Rs 230        

STOP LOSS: Rs 190

The stock has made a good correction from around 252.75 price to consolidate near the 204.50 levels which is forming a good support level. A positive candle is in the making and with RSI rising along with the MACD supported by good volume activity, we recommend a buy in this stock for an upside target of 230 keeping a stop loss of 190.

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