Nifty outlook and key trading ideas by Chandan Taparia, Derivatives & Technical Analyst at Motilal Oswal Securities:
Nifty index formed a Spinning Top candle and remained volatile for the most part of the session. It failed to hold above 10,370 but managed to attract buying interest on decline near to 10300 zones. It has been consolidating in between 10,300 to 10,370 from the last three trading sessions and requires a decisive hold above 10,350 to extend its move towards 10,400, then 10,420 levels. On the downside it has support at 10,300, then 10,250.
Last Close: Rs 736
Stop Loss: Rs 722
Target: Rs 765
It has given a consolidation a hit a new life time high. Major trend of the stock is positive and recent consolidation breakout could add fresh up move with momentum. Thus expecting an upside target towards Rs 765 zones.
Last Close: Rs 947
Stop Loss: Rs 930
Target: Rs 980
It has recently taken support at its rising trend line on weekly chart and shows fresh momentum to hit a new life time high zones. It has been making higher top – higher bottom formation, thus suggesting strength to continue to take the Nifty to higher levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.