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Nifty outlook and top technical calls by Vinay Rajani, technical analyst at HDFC Securities:
Nifty View
Nifty is in continuation of a downtrend. Near-term support for Nifty is placed at 10,200, below which further panic selling may emerge. Far support for Nifty is placed at 9,875. Resistances for the Nifty is seen at 10,410, above which short-term trend would reverse from bearish to bullish.
SELL EICHER MOTORS
CMP: Rs 21,086
Target: Rs 19,500
Stop loss: Rs 22,300
The stock price has been forming lower tops and lower bottoms on the short-term charts. The stock has been trading in a narrow range for last 4 trading session. The stock is likely to resume its downtrend by breaking down below the short-term consolidation. We recommend selling Eicher Motors for the target of 19,500, keeping SL at 22,300.
SELL PIDILITE
CMP: Rs 914
Target: Rs 860
Stop loss: Rs 950
The stock price has broken down below long-term upward sloping trend line on the weekly chart. The stock price has reached below its 200 DMA. Short term moving averages are trading below long-term moving averages, indicating a bearish trend. Lower tops and lower bottoms have started forming. We recommend selling Pidilite Industires for the target of 860, keeping SL at 950.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
