 "Nifty outlook and trading ideas from Tradebulls Securities")
Nifty outlook and top technical calls from Sacchitanand Uttekar, AVP – Technical (Equity) at Tradebulls Securities:
Nifty Outlook
The ongoing corrective wave has been in line with our expectation. The 25 days short term time cycle indicates the next significant reversal time zone near Sept 8, 2017. Even on the price scale the retracement support lies near 9,600 in conjunction with its immediate trend-line support. The ongoing higher top & higher bottom sequence could only distort incase 9,440 is breached on a closing basis. Therefore the current setup provides a good reward to risk opportunity for fresh longs near 9,700-9,600 zone where we expect the corrective wave to stabilize & the market to witness some consolidation ahead of its fresh upmove. Investors & traders could start building longs in a staggered way with a stop below 9,440 with an expectation of a move back above 10,150.
Stocks:
Torrent Pharma - BUY
CMP: Rs 1,323
Stop Loss: Rs 1,180
Target: Rs 1,560
Torrent pharma has been oscillating within a broad range of 1180-1680 since Feb 2016. Its proximity towards the lower end of the oscillating range provides a good reward to risk opportunity for positional longs. The recent rebound from the lower end of the range is well supported with significant volumes. Hence we recommend accumulating the stock with an expectation of a rebound towards the upper end of the range with an initial target upto 1560.
Emami - BUY
CMP: Rs 1,124
Stop Loss: Rs 930
Target: Rs 1,460
Emami has been contracting within a narrow range of 1050-1150. The formation depicts a triangular formation about to mature with its apex placed near 1000 while a breach above the 1150 mark could attract momentum. We expect the stock to witness outperformance in the coming months & hence recommend positional longs with a stop below 930 & a target upto 1460.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%