Stock calls by Tradebulls Securities: Buy Motherson Sumi, sell Tata Chem
Nifty outlook and top trading ideas from Sacchitanand Uttekar, DVP - Technical (Equity), Tradebulls Securities
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50- Double Exponential Moving Average (DEMA; 11,658) acted as support for the third consecutive session on the downside with occurrence of another “Doji” at lower end of consolidation support. Occurrence of “Bearish Belt Hold” candle along with a negative crossover in the previous trading session warrants a cautious approach in the forthcoming sessions.
Put writing at 11,600 levels for weekly expiry continues with highest put bearing at the same while call writing at 11,900 strike suggests further choppy action on immediate basis. Daily RSI slipped below 50 levels and unable to surpass its signal line and an upside momentum is only expected once the same is surpassed and sustained. Traders are advised to continue maintaining long short strategy until meaningful exhaustion in downside momentum is visible or emergence of bullish reversal patterns in coming sessions
STOCK RECOMMENDATION
Put writing at 11,600 levels for weekly expiry continues with highest put bearing at the same while call writing at 11,900 strike suggests further choppy action on immediate basis. Daily RSI slipped below 50 levels and unable to surpass its signal line and an upside momentum is only expected once the same is surpassed and sustained. Traders are advised to continue maintaining long short strategy until meaningful exhaustion in downside momentum is visible or emergence of bullish reversal patterns in coming sessions
STOCK RECOMMENDATION