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Nifty outlook and stock calls for today's trade by Tradebulls

Nifty outlook and stock calls by Sacchitanand Uttekar, AVP - Technical (Equity) at Tradebulls

Sacchitanand Uttekar  |  New Delhi 

markets, stocks, sensex, nifty, bse, nse
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Nifty outlook and stock calls by Sacchitanand Uttekar, AVP – Technical (Equity) at Tradebulls: NIFTY OUTLOOK: Occurrence of consecutive Doji’s reflects the ongoing mood of the market. Neither the bulls nor the bears are confident at the current juncture. Increasing IV’s (Implied volatility) & PCR at 1.30 coupled with the resistance faced around the 61.8% (10340) & 78.60% (10405) retracement zone of the previous down move highlight a good probability of the trend eventually turning in favor of the bears.

Highest CE OI remains firm at 10,500 while PE OI around 10,300 could be a make or break level for the expiry. The above setup is indicating the upside to remain capped & we believe that pullback should be utilized to create fresh shorts with a provisional above 10,588 (On closing basis) with an expectation of a move towards the lower end of the weekly megaphone pattern placed near 10,000-9,940. - Sell CMP: Rs 320 Stop Loss: Rs 331 Target: Rs 295 Breakdown from a ‘Rising Wedge’ formation on the daily scale coupled with a divergence on the daily RSI indicates weakness to be witnessed in the coming sessions. Shorts could be created within the current range of 320-325 with a stop above 331 for a pattern of 295. - Buy CMP: Rs 1,308 Stop Loss: Rs 1274 Target: Rs 1410 Breakout from the ‘Falling Wedge’ formation on the weekly scale & the crossover within the momentum averages augur well for a continuation move on the upside. Trading longs could be considered with a stop below 1274 for an initial upto 1410. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Thu, November 23 2017. 08:24 IST