Nifty outlook and trading ideas by Prabhudas Lilladher for today's trade

The support for Nifty is seen at 10,100 while resistance is seen at 10,200.

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
Nifty View:
 
Indices are witnessing selling at these levels; however a decisive break of 10,080 in Nifty or a move past 10,180 would bring in clarity for the next move. However, the support for the day is seen at 10,100 while resistance is seen at 10,200.
 

KARNATKA BANK - BUY   
CMP: Rs 154.80    
TARGET: Rs 170  
STOP LOSS: Rs 145
 
The stock has recently given a breakout above the previous resistance level of 138 & we anticipate further more rally with potential & strength to scale new high. The RSI indicator also shows a steep rise supporting our positive bias. With decent volume participation, we recommend a buy in this stock for an upside target of 170 keeping a stop loss of 145.

 
BALRAMPUR CHINI - BUY    
CMP: Rs 172.40   
TARGET: Rs 190  
STOP LOSS: Rs 163
 
The stock after  making a low of 168 has recovered strongly & we anticipate it to give a breakout above the previous high of 182 & with positive bias indicators the stock looks potential to move upwards around 185 – 190 levels. We recommend a buy in this stock for an upside target of 190 keeping a stop loss of 163.
 
ALPHAGEO - BUY  
CMP: Rs 805 
TARGET: Rs 880   
STOP LOSS: Rs 760
 
The stock has made a higher bottom formation pattern in the daily chart & has recovered there on to move upward & we anticipate it to give a breakout above previous peak of 926.40 with potential & strength. We recommend a buy in this stock for an upside target of 880 keeping a stop loss of 760.

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