Nifty outlook and top trading calls from Chandan Taparia of Motilal Oswal

Nifty has to cross and hold above 9,928 zones to witness an up move towards 9,980

Outlook:

Nifty index opened negative and fell down sharply towards 9,861. It formed a Bearish Engulfing pattern as it covered all the gains made in the last three trading sessions. It has also broken previous day’s low of 9,910 and closed with the loss of around 60 points. Now it has to cross and hold above 9,928 zones to witness an up move towards 9,980 then 10,020 while on the downside supports are seen at 9,850 then 9,820 levels.

Stocks:

YES BANK

Reco: BUY

Last Close: Rs 1,764

Stop Loss: Rs 1,730

Target: Rs 1,840

It has been holding above its falling supply