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
For Nifty, on the higher end 10900 level has been capped while the bottom support remains at around 10680 -10700 levels. As for Bank Nifty, it has been hovering around a very narrow range for some time and currently the sentiment has somewhat turned bearish below the 26450 levels. However, the support for the week is seen at 10650 while the resistance is seen at 10940. Pharma stocks and IT pack continue to maintain a positive bias which would support the index in the coming days.

BUY HUDCO
CMP: Rs 60.85
TARGET: Rs 68
STOP LOSS: Rs 57
The stock has made a double bottom formation pattern in the daily chart at around 54.60 levels and currently has moved past the significant 34 WMA and also on the verge of a breakout above the 50 DMA moving average. The indicators are favorable and with the chart looking attractive, the bias has been maintained positive. With tremendous volume participation witnessed, we recommend a buy in this stock for an upside target of 68 keeping a stop loss of 57.

STOCK MARKET NEWS: CDSL, HUDCO, AU Small Finance soar up to 42% in three days

STOCK MARKET NEWS - Shares of Housing and Urban Development Corporation Limited (HUDCO), AU Small Finance Bank and Central Depository Services (India) or CDSL continued their upward journey with gaining up to 42% in past three trading sessions.

HUDCO surged 10% to Rs 98.75, its fresh high since listing in May, on back of three-fold jump in trading volumes. The stock of housing finance company rallied 41% in past three trading sessions from Rs 69.55 on Monday, July 10, 2017.

The BSE announced that HUDCO will be added to BSE 500 index with effect from July 19, 2017, the exchange said in a notice.

CDSL is locked in upper circuit of 10% at Rs 444 on the National Stock Exchange (NSE) with no sellers were seen on the counter. The stock soared 25% in past three trading sessions, zoomed almost 200% against its initial public offer (IPO) price of Rs 149 per share. The company was listed on the NSE on June 30, 2017.

AU Small Finance Bank too surged 11% to Rs 696, its new high since listing on Monday, July 10, 2017. The stock rallied 29% in past three trading sessions, up 94% over the IPO price of Rs 358 per share.

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