Support for Nifty seen at 10180, resistance at 10300: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
NIFTY VIEW:
 
Technically, now Nifty has broken the major support level of 10280 in the daily chart and has opened the new support level of 10100 which is also more or less where the significant moving average of 200 DMA lies. The pessimism has crept in with the Banking counters looking weak and we anticipate further selloff in the coming days. However, the support for the day is seen at 10180 while the resistance is seen at 10300.
 

BUY BPCL   

CMP: Rs 445.20     
TARGET: Rs 490    
STOP LOSS:  Rs 430
 
The stock has given a decent correction from the peak of 494 and has made a bottom formation pattern at around 424 levels and currently has regained momentum to indicate strength and potential to cruise further in the coming days. The indicators like RSI has been on the rise to confirm a positive bias while the MACD also has indicated a trend reversal to signal a buy. With good volume participation, we recommend a buy in this stock for an upside target of 490 keeping a stop loss of 430.

 
BUY BOMBAY DYEING  
CMP: Rs 268.65     
TARGET: Rs 300    
STOP LOSS: Rs 250
 
The stock has witnessed a gradual correction and has made a higher bottom formation pattern in the daily chart and we anticipate a further rise from here on to give a breakout above the previous peak of 295 levels. The RSI  indicator has shown a trend reversal to signal a buy and with the current candlestick pattern indicating a positive bias closing above the significant moving average of 50 DMA, we recommend a buy in this stock for an upside target of 300 keeping the stop loss of 250.

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