Top trading ideas for today's trade: Buy BHEL, IDFC & Tata Communications

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
NIFTY VIEW:
 
Nifty closing above 10485 has saved the daily trend from turning down, which has been up since the past 14 days. Market has once again turned volatile ahead of expiry & year end. The support for the day is seen at 10450 while resistance is seen at 10530.
 

BUY BHEL    
CMP: Rs 92.65      
TARGET: Rs 100    
STOP LOSS: Rs 89
 
The stock has more or less made a higher bottom formation pattern in the daily chart and has made a good recovery to almost reach the previous peak of 93.90 levels. The RSI also has shown a decent rise and with the MACD also indicating a trend reversal has signaled a buy with positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 100 keeping a stop loss of 89

 
BUY IDFC     
CMP: Rs 61.85    
TARGET: Rs 68      
STOP LOSS: Rs 58.50
 
The stock has corrected from the level of 68 and now has bottom out at 56 level to show recovery with strength and potential to continue the rally still further upward till 66- 67 levels. The RSI has recovered from the oversold zone and is on the rise to indicate a positive bias. Also the stock has moved above the significant moving average of 34 WMA and with decent volume participation, we recommend a buy in this stock for an upside target of 68 keeping a stop loss of 58.50

 
BUY TATA COMMUNICATIONS      
CMP: Rs 692      
TARGET: Rs 755       
STOP LOSS: Rs 672
 
The stock has shown a short correction from the level of 721 to bottom out at 674 which proves to be a strong support level. A formation of a positive candle pattern in the daily chart signifies strength and potential to rise further in the coming days and the RSI also has indicated a steep rise with a trend reversal and thus support our view of a positive bias. With good volume activity seen, we recommend a buy in this stock for an upside target of 755 keeping a stop loss of 672

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