Nifty outlook and few trading ideas by Prabhudas Lilladher for today

NIFTY VIEW The overall view is still corrective; however Nifty would very likely respect the previous low of 10275 levels to give a bounce up to 10430-10460 levels. The support for the day is seen at 10320 while resistance is seen at 10430. Market would witness volatility as we are approaching the expiry of FNO segment. BUY GODREJ INDS CMP: Rs 548.05 TARGET: Rs 590 STOP LOSS: Rs 525 The stock has corrected from the peak of 643 and bottom out at 532 levels and is consolidating at these levels currently. The level of 530 -535 appears to be a strong support base and we anticipate a bounce back from here on and can scale upto 580-585 levels.

The RSI has hit the oversold zone and is indicating a trend reversal to signal a buy. With good volume participation, we recommend a buy in this stock for an upside target of 590 keeping a stop loss of 525. BUY RAIN INDS CMP: Rs 392.10 TARGET: Rs 445 STOP LOSS: Rs 360 The stock has more or less made a higher bottom formation pattern in the daily chart and is poised for further more upside move and we anticipate it to scale till 440 levels. The indicators look favourable for a recovery with strength and potential to rise further in the coming days. With good decent activity witnessed, we recommend a buy in this stock for an upside target of 445 keeping a stop loss of 360. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.