ALSO READNifty Outlook and key trading ideas by Sacchitanand Uttekar of Tradebulls Nifty outlook and top trading ideas from Tradebulls Securities Buy and sell ideas from Sacchitanand Uttekar of Tradebulls Nifty outlook and top trading calls for today's trade: Sacchitanand Uttekar Nifty outlook and top trading calls for today's trade: Tradebulls
Nifty Outlook: The ongoing momentum seems diminishing as the index approaches its previous swing low around 10270. The level also coincides with the upward sloping trendline support placed near 10230 zone; with the daily RSI placed near the oversold zone it’s advisable to reduce shorts & await for a reversal signal on the daily scale. Options data indicates a range of 10500-10200 for the expiry & hence any unwinding pressure in confluence with the price action sustaining above 10400 could push the action towards the upper bound of the range. Traders are advised to exercise caution while trading on the short side from hereon & should maintain a trail stop strategy for their existing shorts with stop above 10400.
Stock: COAL INDIA
CMP : Rs 310.45
Breakout from the pennant formation on the weekly scale exhibits strength. The pattern indicates a price target close to 335, a breakout above the recent consolidation zone above 312 could also accelerate momentum & hence trading longs could be initiated with a stop below 302.30 for a target upto 335.
Stock: BPCL FUT.
CMP : 446.50
Fresh breakdown was witnessed from a Broadening formation on the daily scale, along with incremental build-ups in short positions on the derivative data re-confirms the continuation of the existing bearish trend. Trading shorts could still be initiated with a stop above 462.30 for an extended target towards 416.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above