Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL
Nifty index opened negative and corrected towards 9,600 zone. It made a small bearish candle on the daily chart and started to form lower highs – lower lows from last two sessions. It has given a lowest daily close in last ten trading sessions and now a hold below 9620 may drag it towards 9,580 and 9,550 while on the upside hurdles are seen at 9,680-9,700 zones to start the next up move.
TVS MOTOR COMPANY - BUY
LAST CLOSE: Rs 522
STOP LOSS: Rs 540
TARGET: Rs 577
It has taken support at rising trend line and given a consolidation breakout from its narrow ranged trading days. Positive sector outlook and price setup of the stock suggests a fresh rally in next coming sessions.
HINDALCO - BUY
LAST CLOSE: Rs 201
STOP LOSS: Rs 195
TARGET: Rs 215
Managed to hold above 200 mark on weekly closing basis with strong buying in most of the metal counters.
LIC HOUSING FINANCE - BUY
LAST CLOSE: Rs 757
STOP LOSS: Rs 743
TARGET: Rs 793
Fresh consolidation breakout by forming a pole and Flag pattern on the lower degree chart.
Disclaimer: Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.