Top trading ideas by Prabhudas Lilladher: Buy Jubilant Life, Cipla

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

NIFTY VIEW

Nifty closing below 11,600 shows some exhaustion at higher levels with volatility index also near the peak levels of around 21. The index has its near term support of 11,540, a decisive break of which could drag it to 11,400. Bank Nifty, too, is failing to sustain at higher levels. The support for the day is seen at 38,300/11,520 for Sensex and Nifty, respectively, while resistance is seen 38,870/11,640. 

Bank Nifty would have a range of 29,500-30,100. Pharma sector has shown some signs of revival with Cipla, Auro, Cadila etc. looking positive along with auto sector with stocks like M&M,