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Top trading ideas for today's trade: Buy Escorts, sell Tata Motors

Sacchitanand Uttekar/New Delhi 30 Nov 17 | 08:27 AM

Nifty outlook and stock recos by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls:

NIFTY OUTLOOK:

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Occurrence of an ‘Inside Bar’ near the resistance zone provides some sign of hope for the bears as a close below 10,340 from here on could have a domino effect in the last leg of the expiry. As the index still remains confined within a narrow range of 10,410-10,340, trading mean reversion remains an apt approach with limited quantity. Aggressive positions should be considered only once a decisive breakout is visible for extended targets with an expectation of an accelerated move.

ESCORTS – BUY

CMP: Rs 703.50

Stop Loss: Rs 688

Target: Rs 745

Rebound from the intermediate support zone near 680 has been supported with incremental volumes. The ongoing consolidation now looks mature & favoring a pullback towards 745-750 zone. Trading longs could be considered with a stop below 688.

TATA MOTORS - SELL

CMP: Rs 414

Stop Loss: Rs 421

Target: Rs 380

Since December 2016, Tata Motors has been oscillating within a declining channel formation. Weekly RSI slipping below 50 indicates weakness to persist in the coming weeks. Fresh shorts could be initiated with a trading stop above 421.30 for an initial target upto 380.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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