Nifty outlook and top trading calls for today's trade: Sacchitanand Uttekar

Nifty outlook and top trading calls by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls Securities:

NIFTY OUTLOOK:

Nifty has managed to scale life high levels despite the weakness in Bank Nifty. Despite the fresh life highs, the index has been failing to sustain above 10,510 level. Option data indicates fresh incremental writing near 10,500 while 10,400 remains a fresh crucial support, second highest after the major support congestion near 10,000. Hence a breach above 10,510 would reinstate the trending up move, until then expect the index to rest within the immediate zone of 10,500-10,400 for a while. Once the price sustains above 10,510, it could see a movement towards 10,640 in the coming weeks while the view would be void in case 10,380 is breached before the level of 10,510 is crossed.

STOCK: UNITED SPIRITS

RECO: SELL

CMP: Rs 3579

SL: Rs 3645

TGT: Rs 3340

‘Rising Wedge’ formation on the daily scale seems mature; the ‘Spinning Top’ formation in yesterday’s session near the upper end of the pattern augurs well with the expected weakness. Short positions could be considered within the range of Rs 3575-3600 with a stop loss above Rs 3645 for a positional target upto Rs 3340.

STOCK: AUROBINDO PHARMA

RECO: BUY   

CMP: Rs 691

SL: Rs 680

TGT: Rs 722

Positive sector outlook & the recent double bottom formation on the daily scale augurs well for the upmove to extend further. A sustenance above its 200 DEMA above 705 would amplify the bullish momentum. Trading longs could be considered with a stop below 680 for an immediate target upto 720.

Let me know if any further information is required.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.