IOC surged strongly on July 21, posting a fresh breakout from a month-long consolidation phase. Besides, the energy index has also witnessed a fresh breakout, which further adds to the confirmation. Put together, we are anticipating the momentum to continue ahead thus traders can initiate fresh longsin the given range.
Initiation range: 1,000-1,015
TITAN has been trading within 940-1030 zone for almost one and a half months, taking a pause after a sharp rebound. It has again reached closer to the upper band of the range and indications are in the favor of breakout this time. We advise traders to accumulate in the mentioned zone.
Recommendation: Sell July futures
Initiation range: 144-146
Most of the Realty counters are in a prolonged downtrend and DLF is no different. After its failed attempt to surpass the resistance zone of 200 EMA on the daily chart, it has been gradually inching lower. The recent uptick is offering an opportunity to create fresh shorts.
Recommendation: Sell July Futures
Initiation range: 975-980
IndiGo has been gradually inching lower since March 2020, after a breakdown from a distribution pattern. Though it attempted to reverse in June 2020 but failed and resumed the prevailing downtrend. The chart pattern and existence of multiple hurdles are pointing towards a gradual decline ahead. We thus advise initiating fresh shorts in the given range.