Top trading ideas for today's trade: Buy Bajaj Finserv, Sell India Cements

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

Nifty Outlook:

Action remains outside the index as Nifty has been oscillating within the range of 10,620-10,550. We expect the range bound action to continue within the broader range of 10,705-10,500 & maintain our bullish bias until 10,490 is not breached on closing basis. On the other hand, banking sector continues to add pressure & is slightly tilted towards the negative side due to persistent weakness in PSU names. On the flipside, a breach above 25,130 in bank nifty would trigger fresh positive momentum until then expect the gyration to continue towards the lower end.

Stock: BAJAJ FINSERV

Reco.: Buy

CMP: Rs 5,434

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:    INDIA CEMENTS

Reco.:   Sell

CMP: Rs 143.60

India cements has been trending below its 200 DEMA & the recent breakdown from the triangular consolidation indicates a target upto 132. Trading shorts could be considered with a stop above 149.30 for the coming series.

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