Technical calls by HDFC Securities for today: Buy Sun Pharma, Tata Elxsi
Stock Market - Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities: Nifty View Nifty has been maintaining its choppy trend, where it has remained in the range of 10,600-10,800 for last many sessions. Nifty has to surpass the resistance of 10,800 on closing basis to get clear cut bullish setup. On the downside 10,550-10,600 is a strong support zone for Nifty. Buy Sun Pharma CMP: Rs 574 Target: Rs 610 Stop loss: Rs 555 Pharma sector has remained in the focus in the June Month and many stocks from the sector have formed trend reversal patterns on the charts. Sunpharma remained the leader from the space with price appreciation during the month with rising volumes. For last couple of weeks, stock went in to a consolidation, which could be a small pause after upward swing seen during previous month. Recent consolidation should be utilized to accumulate the stock. Oscillator setup has also turned bullish. We recommend Buying Sunpharma for the upside target of 610, keeping SL at 555.
ARTICLE SOURCE: BUSINESS STANDARD