Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:
Nifty index managed to surpass previous high of 9,928 and made a new lifetime high of 9,982. It gave a consolidation breakout of last seven trading sessions and closed with the gains of around 50 points. It made a Bullish Candle at new high territory and is just shy to test its historical 10,000 mark. Now it has to continue to hold above 9,928 to witness an up move towards 10,000 then 10,100 levels while on the downside supports are seen at 9,880, then 9,850.
Last Close: Rs 108
Stop Loss: Rs 103.50
Target: Rs 114.50
It has given a multiple-year breakout with rising volume activities. It has been making higher top-higher bottom and recent price set up suggests a fresh rally in the stock on the immediate basis.
Last Close: Rs 464
Stop Loss: Rs 455
Target: Rs 485
It has surpassed and closed above its falling supply trend line and it is forming an inverse Head and Shoulder pattern which has a bullish implication.
BANK OF INDIA
Last Close: Rs 159
Stop Loss: Rs 154
Target: Rs 170
It has surpassed immediate hurdle of Rs 155-156 with the built-up of long position. PSU Banks started to witness buying interest and this stock has better price set up comparatively.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.