Nifty outlook and three trading ideas from Chandan Taparia

Technical calls by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL

Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:

Outlook:

Nifty index formed an Inverted Hammer on the daily chart as it failed to hold its gains and corrected sharply towards 9,500. It closed with the marginal gains of 13 points after the negative streak of last six sessions. Now if it sustains below recent swing low of 9,480 then fresh selling could drag the index towards 9,450 and 9,420 zone while on the upside it has strong hurdle at 9,560-9,580 zone. Recently index has given the break down from its consolidation