Top trading ideas by Prabhudas Lilladher: Buy Bank of India, Hind Zinc

Nifty outlook and trading ideas from Vaishali Parekh, technical analyst at Prabhudas Lilladher

NIFTY VIEW

Nifty much to our liking continues to surge with supporting indicators and participation coming from many frontline stocks which looks healthy along with mid-cap showing signs of bottoming out and moving higher. The support for the day is seen at 11070 while resistance is seen at 11200. Axis, ICICI, SBI now have a favourable risk reward ratio.

BUY BANK OF INDIA

CMP: Rs 87.85

TARGET: Rs 103

STOP LOSS: Rs 80

The stock has witnessed much erosion from the peak level and recently has bottomed out at around 76.50 levels and given a bounce back. The current cluster of positive candles signify strength and has the potential to rise further in the coming days to scale till 100-103 levels. The RSI has recently indicated a trend reversal to signal a buy and is on the rise. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 80.

BUY HIND ZINC

CMP: Rs 272.60

TARGET: Rs 305

STOP LOSS: Rs 260

The stock has indicated a good revival from the bottomed made at around 260 levels and looks potential for an upward move with potential and strength and with the RSI currently showing a trend reversal has also signaled a buy. The chart looks attractive for further rally and can scale upto 300-310 levels. With good volume activity seen, we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 260.

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