Nifty outlook and few trading ideas by Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities:
Nifty index managed to hold near to its previous swing low support of 9,685 and rebounded towards 9,789 mark. It formed a Hammer candle on the daily chart and closed positive after the seventh consecutive negative sessions. Now if it manages to hold above 9,750-9,777 zones then short term reversal could be seen for an up move towards 9,880 and 9,928 zones while below 9685 fresh weakness could intensify for the further declines.
Last Close: Rs 7897
Stop Loss: Rs 7740
Target: Rs 8200
It has bottomed out with the immediate support of 7,650 zones and holding near to its 50-DEMA. It is turning up after the weakness of last few sessions thus risk – reward ratio favours for buying at current zones.
Last Close: Rs 267
Stop Loss: Rs 259
Target: Rs 285
It has bottomed out after the weakness of last many series. It has surpassed its falling supply trend line and holding the gains from last one week even after the market weakness.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.