Support for Nifty seen at 10,380, resistance at 10,490: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
NIFTY VIEW:
 
Nifty once again failed to cross the 10,500 mark and has been oscillating for quite some time between the range of 10,400 and 10,530 levels. As of now, there is an important support at 10,370 levels which if broken can see further slide in the market. However, the support for the day is seen at 10,380 while resistance is seen at 10,490.
  

BUY NIIT
CMP: Rs 108.65      
TARGET: Rs 120     
STOP LOSS: Rs 101
 
The stock has made a double bottom formation at around  91 levels and from there on has recovered with a good bounce and now has indicated a higher bottom formation like pattern in the daily chart to strengthen the on going gain. The RSI also has shown a trend reversal and has signified a positive bias. With good volume participation, we recommend a buy in this stock for an upside target of 120 keeping a stop loss of 101.

 
BUY CARBORUNDUM UNIVERSAL   
CMP: Rs 390.80       
TARGET: Rs 430     
STOP LOSS: Rs 372
 
The stock has been in consolidation phase for quite some time and has been hovering between the range of 370 and 390. Now it has produced a positive candle pattern in the daily chart to indicate strength and potential to gain further having a strong base at around 370-375 levels. The stock has also moved past the significant moving average of 34 WMA and signifies a positive bias. With good consistent volume activity, we recommend a buy in this stock for an upside target of 430 keeping a stop loss of 372.

 
 BUY BATA INDIA   
CMP: Rs 772.40      
TARGET: Rs 840      
STOP LOSS: Rs 740
 
The stock has been in a short consolidating period at around 750 levels and currently has shown a spurt with bullish bias and has made the chart look attractive for further gains in the coming days. The indicators have been favourable and we anticipate the stock to scale upto 809 levels with strength and potential in the coming days. With good activity witnessed, we recommend a buy in this stock for an upside target of 840 keeping a stop loss of 740.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.