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Nifty Outlook: Nifty sheds its gains as Banks continue to drag it lower, largely lead by the PSU banks. The index is expected to oscillate within the broader range of 10700-10300 in the coming sessions. On the daily scale Nifty slipped below its previous day’s low of 10485 but managed to close above it. As the range gets narrower it’s better to remain a level based trader in case one wants to participate momentum. A breach outside the said range of 10480- 10580 in the coming sessions could see some firm directional momentum towards the bounds of the broader range.
Stock: BHARTI AIRTEL
CMP: Rs 281.45
After a sharp decline of more that 20% in the last couple of months the stock seems to be stabilising near its 200 DEMA. The occurrence of a bullish engulfing pattern alongwith developing positive divergence on the daily scale augurs well for a trend reversal soon. We recommend building positional longs with a stop below 412.30 on a closing basis for a rebound towards 485.
Stock: BPCL FUT.
CMP: Rs 446.50
Fresh breakdown is been witnessed from a Broadening formation on the daily scale alongwith fresh short build ups on the derivative data indicates continuation of the existing bearish trend. Trading shorts could be initiated with a stop above 458.30 for an extended target towards 422.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.