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 Nifty has been moving a very range bound zone between the 10920 and 11070 levels while Bank Nifty also has been moving between 26650 and 27150 levels. A fresh development can only trigger a breach on either side of the indices. However, the support for the week is seen at 10820 while resistance is seen at 11160. Pharma sector looks attractive and is in a positive bias with stocks like Sun Pharma, Cipla and Auro Pharma looks promising for further upside. . BUY INDUSINDBANK CMP: Rs 1,902.55 TARGET: Rs 2,000 STOP LOSS: Rs 1,860 The stock has given a correction from the peak of 1990 to show signs of bottoming out at around 1880 levels and has currently indicated a positive candle pattern in the daily chart to signify strength for further upside movement in the coming days. The RSI also has shown a trend reversal from the oversold zone and has signaled a buy in this stock. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 2000 keeping a stop loss of 1860.