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 is showing signs of exhaustion now with individually all sectors show no clarity to propel market to surge higher, IT could get in new round of momentum, and support for the week is seen at 37160/11200 while resistance is seen at 38350/11580. Bank Nifty would have a range of 27420-28620. The daily trend in Nifty has turned down after 2 days, while Bank Nifty still continues to be in positive. BUY AUROBINDO PHARMA CMP: Rs 610.90 TARGET: Rs 655 STOP LOSS: Rs 580 The stock has made a series of higher bottom formation pattern in the daily chart taking support at the significant 50 DMA moving average which lies near 598 levels. The chart looks attractive for further rise in the coming days and with increasing volume participation witnessed, a positive bias has been maintained and we recommend a buy in this stock for an upside target of 655 keeping a stop loss of 580. BUY MAHINDRA & MAHINDRA CMP: Rs 945.95 TARGET: Rs 1,030 STOP LOSS: Rs 910