 "Top trading ideas for today's trade: Buy Escorts, sell Tata Motors")
Nifty outlook and stock recos by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls:
NIFTY OUTLOOK:
Occurrence of an ‘Inside Bar’ near the resistance zone provides some sign of hope for the bears as a close below 10,340 from here on could have a domino effect in the last leg of the expiry. As the index still remains confined within a narrow range of 10,410-10,340, trading mean reversion remains an apt approach with limited quantity. Aggressive positions should be considered only once a decisive breakout is visible for extended targets with an expectation of an accelerated move.
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ESCORTS – BUY
CMP: Rs 703.50
Stop Loss: Rs 688
Target: Rs 745
Rebound from the intermediate support zone near 680 has been supported with incremental volumes. The ongoing consolidation now looks mature & favoring a pullback towards 745-750 zone. Trading longs could be considered with a stop below 688.
TATA MOTORS - SELL
CMP: Rs 414
Stop Loss: Rs 421
Target: Rs 380
Since December 2016, Tata Motors has been oscillating within a declining channel formation. Weekly RSI slipping below 50 indicates weakness to persist in the coming weeks. Fresh shorts could be initiated with a trading stop above 421.30 for an initial target upto 380.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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