Technical calls from HDFC Securities: Buy Marico, Sun Pharma

Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities.

Nifty View

Nifty and Bank Nifty have witnessed a highest single day fall since 8th July 2019. Nifty violated its 5 days EMA on closing basis. Any level below 10,900 in Nifty and 27,680 in Bank Nifty, respectively, would intensify the selling pressure. Resistance would continue to be there around 11,200 levels in Nifty.

BUY MARICO (Rs 392)

TARGET: Rs 415

STOP-LOSS: Rs 375

Last week, stock surpassed a crucial resistance of 388, which happens to be the multiple tops on the weekly charts. Stock is on the verge of registering new all time high above 396.6. Moving Average and