Nifty outlook and top trading ideas by Prabhudas Lilladher for today

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

NIFTY VIEW

Nifty after correcting from 11750 levels to a low of 10860 levels has taken support and is attempting to bounce from here on. Bank Nifty too has given a substantial corrective move now with support taken at 24670 levels and now likely to bounce up to 25500-25800 levels. The support for the day is seen at 36400/11000 while resistance is seen at 36920/11140. Bank Nifty would have a range of 25060-25620. HDFC twin along with Kotak & IndusInd and among Auto sector Maruti looks very promising for a bounce-back rally.

BUY MARUTI

CMP: Rs 7,999.45

TARGET: Rs 8,800

STOP LOSS: Rs 7,680

The stock has given a decent correction from the peak of 9470 to bottom out at around 7590 levels and has given a good bounce to signify strength and potential to rise further in the coming days. The RSI has touched the highly oversold zone and has indicated a trend reversal to signal a buy with a positive bias. With the chart looking attractive and good volume participation witnessed, we recommend a buy in this stock for an upside target of 8800 keeping a stop loss of 7680.

BUY HDFC BANK

CMP: Rs 1,952.40

TARGET: Rs 2,100

STOP LOSS: Rs 1,900

The stock has witnessed a good correction in the last two months from the peak of 2210 to bottom out at around 1910 levels and has given a good bounce to signify strength and potential to rise further in the coming days. The RSI has touched the highly oversold zone and has indicated a trend reversal to signal a buy with a positive bias. With the chart looking attractive and good volume participation witnessed, we recommend a buy in this stock for an upside target of 2100 keeping a stop loss of 1900.

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