Top trading ideas by Tradebulls Securities: Buy NIIT Tech, sell Idea

Top trading ideas by Tradebulls Securities: Buy NIIT Tech, sell Idea

Nifty outlook and top trading ideas from Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities: Nifty Outlook: Nifty has trended well post breaking above 10800 & maintained the sequence of higher bottoms well since then. The index formed a ‘Spinning Top’ formation on the daily scale & has been quoting far from its short term averages.

Stock: NIIT TECH Reco.: Buy CMP : Rs 1,128 Strong sector performance & the 5 weeks consolidation seems mature now. A sustained move above 1150 would accelerate the momentum as indicated by the trend strength indicator (RSI) which has witnessed a breakout from its corresponding range in yesterday’s session. Trading longs could be initiated with a stop below 1083 & a potential target upto 1246.

Stock: IDEA Reco.: SELL

CMP : Rs 54 Secular downtrend remains intact as the lower top lower bottom sequence continues on the daily scale as well. IDEA has breached below its critical pivotal around 54 & also trading below its short term averages. Any slippage below 53.80 could drag it further lower towards 50 zone. Short positions should be maintained with a stop above 56.30.

ARTICLE SOURCE: BS