Nifty outlook and two stock picks by Sacchitanand Uttekar of MOSL

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at MOSL:

Outlook:

On the daily scale, Nifty has formed narrow ranged bodies throughout the week. Though the daily RSI has been reporting an overbought state, the occurrence of consecutive long wicks reiterates the strength in the 8,720 support. Therefore, the level remains critical for the sequence of higher highs & higher lows on the intraday scale to remain firm until 8,720 is held on a closing basis. Only a sustained breach below the 8,720 would indicate loss in momentum and push the index lower towards