Nifty outlook and technical calls by Chandan Taparia of MOSL

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Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL

 

Nifty Outlook:

 

Nifty index opened negative and corrected towards 9,600 zone. It made a small bearish candle on the daily chart and started to form lower highs – lower lows from last two sessions. It has given a lowest daily close in last ten trading sessions and now a hold below 9620 may drag it towards 9,580 and 9,550 while on the upside hurdles are seen at 9,680-9,700 zones to start the next up move.

 

Stocks:

 

TVS MOTOR COMPANY - BUY

LAST CLOSE: Rs 522

STOP LOSS: Rs 540

TARGET: Rs 577

 

It has taken support at rising trend line and given a consolidation breakout from its narrow ranged trading days. Positive sector outlook and price setup of the stock suggests a fresh rally in next coming sessions.

 

HINDALCO - BUY

LAST CLOSE: Rs 201

STOP LOSS: Rs 195

TARGET: Rs 215

 

Managed to hold above 200 mark on weekly closing basis with strong buying in most of the metal counters.

 

LIC HOUSING FINANCE - BUY

LAST CLOSE: Rs 757

STOP LOSS: Rs 743

TARGET: Rs 793

 

Fresh consolidation breakout by forming a pole and Flag pattern on the lower degree chart.

 

Disclaimer: Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities. 


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