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

Indices continue to surge with selective frontline stocks, with Energy index surging by 7.5% w.o.w especially Reliance gaining over 10%, followed by IT Sector gaining by 3.7%, the Mid-cap sector continues to be a laggard with most of the stocks continuing to make new lows. The market as such is just witnessing index management with high volatility, However, the support for the day would be seen at 10820 while the resistance would be at 11200 levels.

BUY SUN PHARMA 
CMP: Rs 559.75       
TARGET: Rs 600     
STOP LOSS: Rs 540

The stock has been consolidating at around  550 - 570 and has maintained above the 34WMA moving average to indicate a positive bias and potential to rise further in the coming days. With good consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 600 keeping a stop loss of 540.

BUY PEL 
CMP: Rs 2,520     
TARGET: Rs 2,600     
STOP LOSS: Rs 2,440

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 2600 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 2600 keeping a stop loss of 2440.

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