Weekly market outlook and top two trading ideas by Prabhudas Lilladher

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

MARKET VIEW

Nifty has the weekly trend down for the second week; however, the level of 11,630 seems to be acting as a good support and only a breach of it can trigger further downside movement. Bank Nifty, too, has been maintaining the 50-day moving average (DMA) level of 30,200 as a good support level to keep the trend intact. However, the support for the week is seen at 38,500/11,500 for Sensex and Nifty, respectively, while resistance is seen at 39,850/11,940. Bank Nifty would have a range of 29,930-31,300.

BUY ENGINEERS INDIA   

CMP: Rs 118     

TARGET: Rs 130     

STOP LOSS: