Top technical calls from MOSL: Buy IndusInd Bank, RIL, sell Sun TV

Nifty outlook and technical calls from Chandan Taparia, AVP- Equity Derivatives & Technical, MOSL:

 

Outlook :

 

Nifty index opened positive but failed to surpass previous day’s high of 10227 and slipped towards 10100 zones. It formed a Bearish candle on the daily chart and witnessed sustain selling pressure in the last one hour of the session. It is hovering near to its 200 DEMA but follow-up buying is missing even after its recent swing support at 10050 zones. Now it has to cross and hold above 10141 zones to witness a bounce towards 10222 then 10276 while a decline below 10050 could start the fresh leg of decline towards psychological support of 10000-9980 zones.

 

Stocks:

 

INDUSIND BANK

Reco: BUY

Last Close: 1753

Stop Loss : 1716

Target : 1820

 

Holding the gains even after the market decline. Making higher top – higher bottom on weekly scale. Trading above all the major moving averages.

 

RELIANCE IND

Reco: BUY

Last Close: 908

Stop Loss : 893

Target : 938

 

Taken support at the lower band of the trading range and comparatively having the stable nature. It formed a Bullish Belt Hold candle on the daily scale.

 

SUNTV

Reco: SELL

Last Close: 848

Stop Loss : 870

Target : 810

 

Given a break down and slipped below major support of 880-870 zones. Shorts are added which could continue its decline.

 

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