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

Market has witnessed a bounce back with daily trend continuing to be positive, with a close above 200DMA, a further up move to 10300 cannot be ruled out. The support for the day is seen at 10150 while resistance is seen at 10260. Pharma has now shown signs of bottoming out along with Auto stocks showing good upside potential.

BUY STERLITE TECH
CMP : Rs 327
TARGET : Rs 370
STOP LOSS : Rs 305

The stock has been consolidating for some time between the range of 306 and 316 levels and currently the indicators are well poised to take the stock to further heights and has maintained a positive bias. The RSI has indicated a trend reversal from the oversold zone and has signaled a buy. With good volume participation, we recommend a buy in this stock for an upside target of 370 keeping a stop loss of 305.

BUY TORRENT POWER
CMP : Rs 234.10
TARGET : Rs 265
STOP LOSS : Rs 218

The stock has witnessed a decent correction from the peak of 307 to bottom now out at 216 level and we anticipate a good pullback from here on to scale till 265-270 levels. The RSI has also indicated a trend reversal and has shown a positive bias to rise further from here on. The volume has been improving in recent times and we recommend a buy in this stock for an upside target 265 keeping a stop loss of 218.

BUY TATA GLOBAL
CMP : Rs 276.95
TARGET : Rs 320
STOP LOSS : Rs 255

The stock has been in a consolidation phase for quite some time and has been maintaining a strong support at around 255 levels. Currently the positive candle pattern formed has given a closing above the significant 34 WMA and has indicated a positive bias with potential to rise further in the coming days. With supporting indicators like RSI and MACD supporting our view of a positive upmove, we recommend a buy in this stock for an upside target of 320 keeping a stop loss of 255.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.