Technical calls from HDFC Securities: Buy MCX, Petronet LNG

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

NIFTY VIEW

The Nifty has risen more than 500 points in the last trading sessions. The next resistance for the Nifty comes at 200 DMA, which is currently placed at 11,202 odd levels.  Oscillators have been moving up with positive divergence on the short term charts. Considering the sharp rise seen in the last three days, it would be advisable to adopt buy on dips strategy in the Nifty. Strong support is seen at 11,000 in the Nifty and same can be utilized to initiate fresh long positions. 

BUY MULTI COMMODITY EXCHANGE OF INDIA LTD (Rs 911)

TARGET: Rs. 970