 "Nifty may extend fall towards 9,700-9,750 in coming days: HDFC Securities")
Top trading ideas by Devarsh Vakil & Vinay Rajani, technical analysts (PCG desk) at HDFC securities:
Nifty Outlook
Nifty has breached crucial support of its 10 Days EMA, indicating short term bearish trend reversal in the Index. Oscillators like RSI and MACD have turned bearish on the daily charts. Advance decline ratio of 1:4 of yesterday indicates weak market breadth. Recent high made at 10,138 would continue to remain resistance for the short term. Technical evidences suggest that Nifty is likely to extend the fall towards 9,700-9,750 in the coming days.
Nifty has breached crucial support of its 10 Days EMA, indicating short term bearish trend reversal in the Index. Oscillators like RSI and MACD have turned bearish on the daily charts. Advance decline ratio of 1:4 of yesterday indicates weak market breadth. Recent high made at 10,138 would continue to remain resistance for the short term. Technical evidences suggest that Nifty is likely to extend the fall towards 9,700-9,750 in the coming days.
Buy JSW STEEL
CMP: Rs 230.85
Stop loss: Rs 220
Target: Rs 249
Metal
