ALSO READNifty outlook and top trading calls for today's trade: Sacchitanand Uttekar Nifty Outlook and key trading ideas by Sacchitanand Uttekar of Tradebulls Buy and sell ideas from Sacchitanand Uttekar of Tradebulls Any declines on Nifty an opportunity to add longs: Sacchitanand Uttekar Nifty outlook and top trading ideas from Tradebulls Securities
Few trading ideas by Sacchitanand Uttekar, AVP- Technicals (Equity) at Tradebulls Securities (P):
Ongoing consolidation within the range of 10,400-10,550 now looks mature for a breakout. Occurrence of a Bullish Hammer on the 180 min scale augurs well for the support & could see an immediate movement towards the upper end of the range. Also on the daily scale the index maintained its low above its previous days low price & thus the price action on Monday & Tuesday could be termed as a reversal sign (Bullish Harami Candlestick pattern). A decisive breach above 10,560 would attract momentum and hence longs should be maintained with a stop below 10,380.
STOCK: ASHOK LEYLAND
CMP: Rs 124
SL: Rs 118.30
TGT: Rs 137
Secular uptrend & the double bottom formation on the daily scale. Pullback if any towards Rs 122 should be utiised to add longs with an expectation of a fresh life high to be witnessed soon. Trading longs for a target upto Rs 137 could be built with a stop below Rs 118.30
STOCK: HEXAWARE TECHNOLOGIES
CMP: Rs 350
SL: Rs 342
TGT: Rs 372
Positive sector outlook and the fresh breakout from the weekly consolidation augurs well for the uptrend to remain firm. The larger degree pattern indicates a likely move up to Rs 460 within a time frame of a year from now on. Hence we recommend trading longs for the current expiry with an immediate stop below Rs 342 for a momentum based target towards Rs 372.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.