Nifty may face resistance at 10,650 level, says Nilesh Jain of Anand Rathi

SELL NIFTY | TARGET: 10,400 | STOP LOSS: 10,650

The NIFTY index completed its 61.8 per cent Fibonacci retracement of the entire recent fall from the top, which is coming around 10,552 levels. The index is also forming a rising wedge pattern where the upper trend line is coming around 10,650 levels which will now act as immediate resistance. Thus, the risk and reward doesn’t support the long positions and also to hedge stock-specific long position, we advise initiating short positions in Nifty index.

SELL BATA INDIA | TARGET: Rs 1,240 | STOP LOSS: Rs 1,310

The stock provided breakdown from a rising