Top technical calls for today's trade: Buy eClerx, sell Adani Ports

Nifty outlook and trading ideas by Sacchitanand Uttekar of Tradebulls

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

 

Nifty Outlook

 

On the daily scale the occurrence of a Marubozu near the support zone of 9,740-9,700 can be considered as the much awaited selling climax awaiting confirmation in terms of price close above 9,820 in the coming 2-3 trading sessions. A follow through move beyond 9700 on closing basis would negate the setup & serves a key support for the day. We expect the Sept series to conclude within the range of 9,690-9,810 zone. While any follow through action below 9700 could add another 100 odd points to its tally.

 

Stocks:

 

eClerx - BUY

CMP: Rs 1226.70

Stop Loss: Rs 1169.30

Target: Rs 1320

 

Occurrence of a ‘Bullish Harami’ at the lower end of the Falling Wedge formation on the weekly scale. The crossover on the weekly RSI & the formation a a 1-2-3 wave pattern on the daily scale reconfirm the expected bottom out process. Fresh longs could be added upto 1195 with a stop below 1169.30 for an initial target upto 1320.

 

Adani Ports (OCT Series) - SELL

CMP: Rs 374.8

Stop Loss: Rs 388.30

Target: 360

 

On the daily scale the stock witnessed a breakdown from the Rising Channel Formation. The pattern indicates a move towards 360. Pullbacks towards 382-383 should be used to create fresh shorts in the OCT series with a stop above 388.30

 

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