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
 

The daily trend in Nifty & Bank Nifty continues to be positive since 3 days. Market still does not have a clear trend. Crude & Rupee have been the market drivers, which brings in lot of uncertainty to the stocks. The support for the day is seen at 10570 while resistance is seen at 10680. A decisive break of 26000 would bring heavy weight banks like HDFC Bnk, Kotak Bank, etc. under pressure.

BUY MAH & MAH    
CMP : Rs 870.25    
TARGET : Rs 950    
STOP LOSS : Rs 840
 

The stock has made a higher bottom formation pattern in the daily chart and has indicated a decent upward movement with still further potential maintained for an upward rally from here on in the coming days. The indicators are favourable with a positive bias and also the stock has moved past the 34 WMA moving average and is poised for an up move. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 950 keeping a stop loss of 840.

BUY  FILATEX      
CMP : Rs 220.40      
TARGET : Rs 248    
STOP LOSS : Rs 205
 

The stock has made a good revival taking support at 186 which was at the significant 200 DMA levels and also a move past the 34 WMA has improved the sentiment with a positive bias and we anticipate the stock to rise still further in the coming days. A move past the level of 228 would bring about a breakout and can see fresh upside targets and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 248 keeping  a stop loss of 205.

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