Technical calls from HDFC Securities: Sell IndusInd Bank, RIL

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

Nifty View

By closing below 11,100, the Nifty has breached the crucial support of its simple 200 DMA, placed at 11,140 and the previous bottom of 11,108 on the daily charts. Next possible downside target for Nifty is seen at 10,806, which happens to be 61.8 per cent retracement of the entire upswing seen from 10,004(26 Oct Bottom) to 12,103 (all-time high registered on June 3). Resistance is shifted downward to 11,310 in Nifty.

SELL INDUSIND BANK
CMP: Rs 1,337
TARGET: Rs 1,260
STOP LOSS: Rs 1,380         

The stock has closed at the lowest level since 10th March 2017. Double