 "Nifty Outlook and key trading ideas by Sacchitanand Uttekar of Tradebulls")
Nifty Outlook and key trading ideas by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls Securities:
Nifty Outlook
Proximity towards the upper end of the weekly ‘Megaphone’ formation and the recent series of ‘Breakaway & Run-Away’ gaps at key junctures highlights the recent upmove as a final leg towards the Climax point. Therefore, traders should maintain longs with strict stop below 10,390 (Closing Basis) & review the formation near 10,540 (upper end of the ongoing Megaphone pattern). It is likely that the ‘Exhaustion Gap’ could be just around the corner & serve as a STOP for the upmove which commenced from the recent low of 9,687.55.
Stocks:
BUY: RCF
CMP: Rs 97.30
Stop Loss: Rs 93.80
Target: Rs 108
Double-bottom on the daily scale followed by the latest upmove could be qualified as a fresh impulse wave. Trading longs could be considered with a stop below Rs 93.80 for move towards Rs 108/112.
SELL: BAJAJ AUTO FUT.
CMP: Rs 3274
Stop Loss: Rs 3370
Target: Rs 3052
On the daily scale the stock price is oscillating within a ‘Rising Wedge’ formation. The pattern looks mature for a breakdown. We believe that a breach below 3210 could amplify the decline towards the pattern target upto 3052. Hence any pullbacks within the pattern towards Rs 3,300-3,330 should be utilized to create fresh shorts with a positional stop at Rs 3,370.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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