Nifty outlook and few trading ideas by Chandan Taparia of MOSL
STOCK MARKET - Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL: NIFTY OUTLOOK Nifty index continued its up move and made a new life time high of 9,928. However, it traded in a smaller trading range of 33 points but managed to give the highest daily close above 9,900 mark. Now, it has to continue to hold 9,900 zone to witness an up move towards 9,950-10,000 zones while on the downside supports are seen at 9,850 then 9,820 mark. Index has been making higher top – higher bottom formation and supports are gradually shifting higher which has a bullish implication for ongoing market trend.
Stocks: DEWAN HOUSING FINANCE CORPORATION - BUY Last Close: Rs 456 Stop Loss: Rs 444 Target: Rs 480 DHFL has turned up after the consolidation of last two weeks with the rising trading volumes. RSI indicator is also suggesting a buy signal thus suggesting for an upside move towards 480 levels. Taken support at its rising trend line and holding well above the support of 430 and 444 for last several days. ICICI BANK - BUY Last Close: Rs 303 Stop Loss: Rs 297 Target: Rs 315 It has given the consolidation breakout and registered a highest daily close in last 2.5 years. It has given the consolidation breakout from 285 to 295 zones. Thus recommending to hold with the trailing stop loss of 297 for an upside target of 315. JSW STEEL - BUY Last Close: Rs 218 Stop Loss: Rs 212 Target: Rs 230 It has retested the breakout zone of 210 and holding the gains with emerging buying interest in the entire sector. Positive breakout with follow up buying suggests a fresh rally towards 230 mark.
ARTICLE SOURCE – BUSINESS STANDARD