Nifty outlook and top trading ideas from Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW After 6 days, the daily trend of Nifty has turned up to signify a positive bias and we anticipate the index to consolidate and make some pullback from these levels. On the upside, if Nifty breaches the 10,250 level decisively a positive sentiment can be established and can expect a bounce back to 10,500 levels. On the downside, 9,950 would act as a major support for the time being. The support for the day is seen at 10,080 while resistance is seen at 10,180. BUY LIC HSG FIN CMP : Rs 544.10 TARGET : Rs 590 STOP LOSS : Rs 510 The stock has witnessed a gradual correction from the peak of 785 and has bottomed out at around 480 levels to make a recovery and now with the bullish candle pattern formed a positive bias has been maintained and we anticipate a further rise from here on with strength and potential to scale till 600 levels.

The RSI has indicated a steep rise and also the MACD in on the rise for quite some time. We recommend a buy in this stock for an upside target of 590 keeping a stop loss of 510. BUY BATA CMP : Rs 742.85 TARGET : Rs 800 STOP LOSS : Rs 695 The stock has made a gradual downslide movement right from the peak of 832 made on 1st Nov 2017 and has taken support at the 200 DMA on twice occasions and has shown a positive candle to signify strength and has maintained a positive bias. With the MACD indicating a trend reversal and also the RSI showing a steep rise has confirmed our view of a positive move from here on and so we recommend a buy in this stock for an upside target of 800 keeping a stop loss of 695. BUY FIRST SOURCE CMP : Rs 50.20 TARGET : Rs 58 STOP LOSS : Rs 46 The stock has almost made a higher bottom formation pattern in the daily chart and has signified a positive bias to see further rise in the coming days. The stock has taken support at the 50 DMA which is at 46.60 levels and with the RSI indicating a trend reversal the chart looks attractive for an up move and can scale up to 56-58 levels. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 58 keeping a stop loss of 46. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.