Nifty outlook and stock ideas by Tradebulls for today

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Nifty outlook and stock ideas by Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls:

 

Nifty Outlook:

 

The recent ‘Engulfing Bearish’ formation post the 4 days up move complimented the unwinding state & saw a decline towards 10550. On the options front 10500 PE remains heavily built up & remains a strong support followed by 10600.The options pain remains at 10600 for the current series & the spinning top formation in yesterday’s session augurs well for a consolidative state hence expect the index to retain the range of 10730-10550 for the coming days.

 

Stock: BAJAJ FINANCE

Reco: Buy

CMP: Rs 2118

 

Bajaj Finance has been in a secular uptrend & the occurrence of a ‘Flag Formation’ on the daily scale augurs well for the ongoing trend to continue. Breakout above 2150 could attract momentum & hence long positions could be initiated with a stop below 2055 for a short term target up to 2265.

 

Stock: MAX FINANCIAL

Reco: BUY

CMP: Rs 483

 

Double bottom formation on the weekly scale followed by a corrective move getting terminated with the occurrence of a ‘Bullish Harami’ on the daily scale. The corresponding RSI value has just move above 50 indicating likely momentum to be established soon. Trading longs could also be initiated with a stop below 470 for an immediate move towards 524 where its 200 DEMA is placed.

 

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



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