Nifty outlook and top trading ideas by Tradebulls Securities for today

Nifty outlook and top trading ideas from Sacchitanand Uttekar, DVP - Technical (Equity), Tradebulls Securities

Nifty Outlook: Nifty remains on the set course towards 11245 as it trades comfortably above 11100 mark. The ADX in the lower panel has jumped to 35.85 which is a good sign of incremental strength. The shift in OI build up range from 10900 to 11100-11000 also compliments the bullish setup. Hence expect the index to continue higher & declines if any should be used to add longs with a revised stop now at 10970 below the rising trend line support.

                                                                                                         

Stock: REPCO HOME FIN

Reco: Buy

CMP: Rs 621

REPCO HOME seems to have formed a strong base around 540 zone as it saw a sustained upward movement throughout the current month. The level also corresponds with the lower range of a Broadening formation evident on the long-term scale. The recent close above its 200 DEMA reconfirms the strength & hence could also be participated on the momentum side now. Trading longs could be considered with a stop below 605 for a quick upward movement towards 650.

Stock: SUNTV

Reco: SELL

CMP: Rs 765

SUNTV saw a breakdown near 884 level in the month of June & since then the stock has been trending down. Fresh breakdown from an inverse pennant formation on the daily scale indicates weakness to continue further. Trading shorts could be considered around 773 with a stop above 781 for a target upto 735.

Let me know if any further information is required.

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