Nifty outlook and stock pick by Tradebulls Securities: Buy Divi's Lab

Nifty outlook and stock recommendation by Sacchitanand Uttekar, DVP - Technical (Equity)

The Nifty gave up all the gains of the previous trading session, and displayed persistent selling pressure after closing at day’s low. Occurrence of “Bullish Hammer” followed by “Bullish Engulfing” indicates continued short covering at lower levels. Unless the index breaches the 100 WEMA (10,790) possibility of short covering move with a target of recent swing high of 11,150 is a likely scenario as most oscillators rest in their respective oversold zone. Only a move surpassing 200 DEMA (11,280) would indicate a short term bottom in place while 100 WEMA (10,790) is expected to act as strong downside support for the