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Top trading ideas by Tradebulls Securities: Buy NIIT Tech, sell Idea

Nifty outlook and top trading ideas from Sacchitanand Uttekar, DVP - Technical (Equity), Tradebulls Securities.

Sacchitanand Uttekar  |  Mumbai 

Markets, Buy, Sell, Stocks
Photo: Shutterstock.com

outlook and top from Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities:

Outlook:

has trended well post breaking above 10800 & maintained the sequence of higher bottoms well since then. The index formed a ‘Spinning Top’ formation on the daily scale & has been quoting far from its short term averages. Hence a sustained move above the pattern high of 10980 could see a continued run towards 11060/11100 zone. On the flip side a break below the pattern low of 10920 could see a pullback towards 10840-10800 zone. Therefore aggressive longs positions could be considered once the breakout is sustained above the pattern else existing longs to be maintained with a stop below 10740 in anticipation of a continued move towards 11060/11100 eventually in the later part of the month.

Stock: NIIT TECH

Reco.: Buy

CMP : Rs 1,128

Strong sector performance & the 5 weeks consolidation seems mature now. A sustained move above 1150 would accelerate the momentum as indicated by the trend strength indicator (RSI) which has witnessed a breakout from its corresponding range in yesterday’s session. Trading longs could be initiated with a stop below 1083 & a potential target upto 1246.

Stock: IDEA

Reco.: SELL

CMP : Rs 54

Secular downtrend remains intact as the lower top lower bottom sequence continues on the daily scale as well. has breached below its critical pivotal around 54 & also trading below its short term averages. Any slippage below 53.80 could drag it further lower towards 50 zone. Short positions should be maintained with a stop above 56.30.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Thu, July 12 2018. 07:21 IST
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