 "Top trading ideas for today's trade: Buy Bajaj Finserv, HDFC")
Nifty outlook and top trading ideas by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls:
Nifty Outlook:
Nifty Outlook:
Nifty continues to head North & has been respecting its 5 days EMA well. Though it witnessed some bouts of profit booking but the series of higher highs & higher lows continues. With the 61.8% retracement level of 10705 negotiated well we expect the index to move towards 10910 (78.6% retracement level of its previous decline from 11172 to 9952). As the trend progresses the range has been shifting upwards with its lower bound support now placed at 10640 from 10500. Derivatives data indicates highest CE congestions around 10950 CE Opt. While 10500 PE has been witnessing incremental writing positions which could keep the float shifting upwards. Traders should adhere sector rotational trades & continue to remain long until the sequence of higher bottoms hold & trail their Stops to 10640 for existing or fresh longs.
Stock: BAJAJ FINSERV
Reco.: Buy
CMP : Rs 5,436
Fresh breakout from the 6 months consolidation indicates the ongoing secular upmove to remain intact. The continuation pattern on the daily scale indicates an initial target upto 5940, trading longs could be participated with a stop below 5300.
Stock: HDFC LTD
Reco.: Buy
CMP : Rs 1,910.60
Secular uptrend on the long term charts & a fresh breakout from the continuation pattern on the weekly scale exhibits fresh momentum. HDFC could be bought even as a trading play with a stop below 1862 & an immediate target around 2040.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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