ALSO READOutlook for Nifty remains bullish, says Sacchitanand Uttekar Buy CEAT, sell Sun Pharma, says Sacchitanand Uttekar Nifty outlook & stock picks by Sacchitanand Uttekar: Buy ITC, DHFL Buy and sell ideas from Sacchitanand Uttekar of Tradebulls Strong momentum will unfold once Nifty surpasses 9540: Sacchitanand Uttekar
On the daily scale the occurrence of a Marubozu near the support zone of 9,740-9,700 can be considered as the much awaited selling climax awaiting confirmation in terms of price close above 9,820 in the coming 2-3 trading sessions. A follow through move beyond 9700 on closing basis would negate the setup & serves a key support for the day. We expect the Sept series to conclude within the range of 9,690-9,810 zone. While any follow through action below 9700 could add another 100 odd points to its tally.
eClerx - BUY
CMP: Rs 1226.70
Stop Loss: Rs 1169.30
Target: Rs 1320
Occurrence of a ‘Bullish Harami’ at the lower end of the Falling Wedge formation on the weekly scale. The crossover on the weekly RSI & the formation a a 1-2-3 wave pattern on the daily scale reconfirm the expected bottom out process. Fresh longs could be added upto 1195 with a stop below 1169.30 for an initial target upto 1320.
Adani Ports (OCT Series) - SELL
CMP: Rs 374.8
Stop Loss: Rs 388.30
On the daily scale the stock witnessed a breakdown from the Rising Channel Formation. The pattern indicates a move towards 360. Pullbacks towards 382-383 should be used to create fresh shorts in the OCT series with a stop above 388.30
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.