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Nifty Outlook and few trading ideas by Chandan Taparia of MOSL

Recommends buying Amara Raja Battery, Indusind Bank and Petronet LNG

Chandan Taparia  |  Mumbai 

Market, Nifty, Sensex
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Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:
Nifty Outlook:

Nifty index surpassed its previous life time high of 9,709 and registered a new record high of 9,782. It formed a strong Bullish candle on the Daily chart and given the breakout from its right angle triangle pattern. Index closed with the decent gains of more than 100 points even after the technical issue at NSE platform. Now it has to continue to hold above 9,700 zones to extend its up move towards 9,850 and higher levels while on the downside supports are seen at 9,650 mark. Index continued its formation of higher lows for sixth consecutive sessions and till this formation doesn’t negate is likely to cherish the bullish sentiment.
Last Close: Rs 866
Stop Loss: Rs 848
Target: Rs 910
It formed a strong reversal pattern as it turned from multiple support zones and managed to close above 854 which is a double bottom on the daily chart. On the weekly scale it formed a bullish engulfing pattern after the Doji candles in last two weeks which has a bullish implication.
Last Close: Rs 220
Stop Loss: Rs 214
Target: Rs 231
It has taken support at the lower band of the consolidation band 210-230 post its merger price. It also formed a hammer candle on the weekly chart at the support area so could retest upper band of the range.
Last Close: Rs 1,560
Stop Loss: Rs 1,530
Target: Rs 1,620
It has given the second highest daily close and surpassed its falling supply trend line above 1500 zone. Major trend of the stock is up and recent consolidation is providing the fresh opportunity for an upside momentum.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Tue, July 11 2017. 08:14 IST