Stock recommendation from Anand Rathi's Nilesh Jain: Sell Mindtree, IGL

Nifty outlook and stock recommendations from Nilesh Jain, Technical and Derivatives Research - Equity Research, Anand Rathi Shares and Stock Brokers

NIFTY OUTLOOK

Nifty closed with a deep cut in the previous trading session and also broke its psychological support of 10,000. Although the momentum indicator RSI has reached the oversold territory of 13 levels on the daily chart, which hints of a small pullback, the major trend continues to remain negative. If we see any pullback then that should be utilized as a selling opportunity. The sentiment indicator “INDIAVIX” surged 64 per cent so far in this week and ended at a 10-year high of 42 levels, which is a major concern for the bull and it has to cool down