Nifty outlook and top trading ideas by Devang Shah for today

NIFTY
CLOSE- 11680.50 (31.08.2018)
The market closed the 6th consecutive week in positive territory. It has extended further & achieved my revised short-term targets levels near recent high as expected last week. It made a high of 11,760.20 levels on Nifty & 38,989.65 levels on Sensex during the week. It looks like the first possibility of some consolidation in the market in the range of 11850- 11,400 levels on nifty in short-term before further trend resumes towards higher levels targets. Sustain above 11,850 levels will lead to a further extension of the rally towards 12,000 levels on nifty in short term. Any kind of short-term consolidation or correction is stock specific buying opportunity till short-term reverses.Stock Picks:

KOTAK BANK - BUY
CLOSE – Rs 1,284.75
TARGET – Rs 1,305-1325
KOTAK BANK closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-1238 for the target of Rs 1305-1325 levels in short-term.

JSPL - BUY
CLOSE – Rs 220.70
TARGET – Rs 230-240
JSPL closed the weekly in positive territory. It looks like the end of short-term correction. It managed to hold 20 DMA. Risk Reward is favourable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs-203 for the target of Rs-230-240 levels in short-term.

DCB BANK - BUY
CLOSE – Rs 178.60
TARGET – Rs 186-196
DCB BANK closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It closed above 20DMA. One can buy with a stop loss of Rs-169 for the target of Rs-186-196 levels in short-term.

RAYMOND - BUY
CLOSE – Rs 839
TARGET – Rs 875-925
RAYMOND closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can buy with a stop loss of Rs-802 for the target of Rs 875-925 levels in short-term.

Nifty outlook and top trading calls for today's trade: Prabhudas Lilladher

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW:
Nifty has been correcting since seven days after making a high of 10,490 to now a low of 10,094. At this juncture, we may see some bounce coming in. However, the near term resistance would be at around 10,250-10,260 levels. The support for the day is seen at 10,060 while resistance is seen at 10,160.


BUY KOTAK BANK
CMP: Rs 1011.50    
TARGET: Rs 1090  
STOP LOSS: Rs 970
The stock has made a double bottom formation pattern in the daily chart after correcting from the peak of 1115 and has indicated a revival with a positive candle to signify potential and strength to rise further in the coming days. The RSI has also shown a trend reversal from the oversold zone and has signaled a buy in this stock. With the stock looking attractive for further gains and with good volume participation, we recommend a buy in this stock for an upside target of Rs 1090 keeping a stop loss of Rs 970.

BUY ASIAN PAINTS
CMP: Rs 1181.55    
TARGET: Rs 1270  
STOP LOSS: Rs 1140
The stock has been more or less in a consolidation phase and has been indicating a bullish candle pattern in the daily chart, signifying further potential and price rise to come. The stock looks well set for an upward movement with positive bias and RSI also indicating a steep rise has shown a trend reversal. With volume activity on the rise, we anticipate the stock to move till Rs 1270 levels and thus recommend a buy for an upside target of Rs 1270 keeping the base support  at Rs 1140.