Nifty outlook & stock calls by Anand Rathi: Sell BPCL, Buy Mphasis

SELL NIFTY | TARGET: 10,120 | STOP LOSS: 10,400

The NIFTY index earlier completed its 61.8 per cent retracement of the entire fall and witnessed profit booking from the same. It also faced stiff resistance at the upper rising trend line which is placed at 10,550 levels. The overall structure hints of a broader consolidation and since we have already seen a strong rally, one should refrain from creating aggressive long positions at higher levels. The momentum indicator RSI has formed a double top formation on the daily chart and showing signs of reversal from higher levels. Thus, we advise aggressive