Top technical calls for today's trade: Buy ITC, Infosys, Future Consumer

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher
 
NIFTY VIEW:
 
Nifty has failed to cross 10,500, however still a minor support of 10,330 is still a deciding factor for Nifty to continue it’s up move, and else we would see it to slide down to 10,280 levels. The support for the day is seen at 10,300 while resistance is seen at 10,400. The daily trend in Nifty, Sensex & Bank Nifty has turned down after 9 days.
  

BUY ITC  
CMP: Rs 265.30     
TARGET: Rs 285   
STOP LOSS: Rs 256

 
The stock has been in a consolidation phase for quite some time and it looks poised gathering strength and potential for an up move and we anticipate it to rise in the coming days upto the level of 285. The RSI has been hovering around the 45- 48 mark and looks promising for further rally. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 285 keeping a stop loss of 256.
 
BUY INFOSYS    
CMP: Rs 955.50     
TARGET: Rs 1,020     
STOP LOSS: Rs 915
 
The stock has made a bottom formation at around 875 levels and from thereon has recovered significantly and now is in a rising trend and indicates a positive bias. Now it has produced a bullish positive candle and is on the verge of a breakout above the 200 DMA and signifies a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1020 keeping a stop loss of 915.

 
BUY FUTURE CONSUMER      
CMP: Rs 61.75      
TARGET: Rs 71    
STOP LOSS: Rs 56
 
The stock has made a higher bottom formation in the daily chart and looks attractive for further rise and the bullish candle pattern formed indicates a positive bias. The RSI has shown a steep rise indicating a trend reversal signaling a buy. With tremendous volume seen, we recommend this stock for a buy for an upside target of 71 keeping a stop loss 56.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above