Avoid leverage longs on Nifty until 9,740 is breached: Sacchitanand Uttekar

Here are two stock ideas and Nifty outlook from Tradebulls:

Nifty Outlook

Index is at the cusp of maturing optimism and euphoria. With fresh life high, continued buying interest and no signs of any major reversal formations on the intermediate scale keeps the mood right for a further extension of the ongoing up-move. Nifty remains confined within the Pennant formation awaiting a fresh breakout from the pattern. A breach below 9,580 would disable the pennant formation & hence serves as a trailing stop for longs. On the flip side, Nifty has not yet witnessed a decisive momentum post closing above 9,640. Therefore,