Top trading ideas by Prabhudas Lilladher: Buy Indraprastha Gas, HUL

Nifty outlook and top trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.

MARKET VIEW

The Nifty index has been witnessing a tight range-bound movement between 11,650 levels on the downside which is where the significant 50-day moving average (DMA) lies and 11,900 levels on the upper hand and it needs a decisive breach on either side to bring about a fresh directional movement. However, the support for the week lies at 38,800/11,600 levels for the Sensex and Nifty, respectively, while the resistance lies at 40,050/12,000 levels. Bank Nifty would have a range of 30,500-31,750.    

BUY  Indraprastha Gas (IGL) 

CMP: Rs 314.65     

TARGET: Rs 340     

STOP LOSS: Rs 306 

The stock has witnessed a