Nifty outlook and top trading ideas by Chandan Taparia, Derivatives & Technical Analyst, Motilal Oswal Securities:
Nifty index managed to open positive and witnessed sustain buying interest throughout the day. It managed to hold 10141 and headed towards 10220 levels. It managed to hold above previous weeks’ close and formed a Bullish candle on the daily scale. Now it has to continue to hold above 10222 to extend its move towards 10276 then 10333 levels while supports are seen at 10141 then 10050 zones. Index has been making lower top – lower bottom on weekly scale so it needs to surpass its 61.80% retracement of 10276 to negate the short term negativity.
Last Close: Rs 1,335
Stop Loss: Rs 1,310
Target: Rs 1,385
It formed a Bullish Belt hold on weekly scale and given a consolidation breakout.
Last Close: Rs 1,818
Stop Loss: Rs 1,780
Target: Rs 1,880
Surpassed its falling supply trend line and has been making higher top – higher bottom on Daily, weekly and monthly chart
AMAR RAJA BATTERY
Last Close: 810
Stop Loss : 790
Target : 850
Given a channel breakout by forming a Bullish candle, surpassed its 50 DEMA and given a channel breakout.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.