Nifty to face resistance at 10,080 levels, says Chandan Taparia of MOSL

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

Nifty outlook:

Nifty index continued its profit-booking for the second consecutive session and corrected towards 10,000 mark. It formed a Bearish Belt hold candle followed by a Bearish Engulfing pattern on the daily chart. It has broken its rising support trend line by connecting the recent swing lows of 9,543, 9,646, 9,838 and 9,944. Now, if it sustains below 10,050, then profit-booking could continue towards 9,950-9,928 zones while on the upside hurdles are placed at 10,080 then 10,120 levels.

Stocks:

HAVELLS INDIA

Reco: BUY

Last