Nifty outlook and top trading ideas by Jay Anand Thakkar of Anand Rathi

Till 11,950 is held on the Nifty, one can maintain the long positions however if it breaks one has to reverse the longs to shorts

NIFTY: BUY | TGT: 12,150 | SL: 11,950

Nifty closed in the negative territory after yesterday’s bounce back; however, it has still managed to close above 12,000 levels which is a positive sign in the short-to-medium term. The only worry is that the Index has formed a bearish head and shoulders structure on the hourly charts which indicates that once 11,950 levels get broken it will lead to a sharp sell-off till 11850-11800 levels. So, till 11,950 is held one can maintain the long positions however if it breaks one has to reverse the longs to shorts.

INFOSYS: BUY | TGT: Rs