Nifty OutlookNifty continued its positive momentum as it reclaimed 8700. Nifty is now placed near the mean of the channel pattern & the positive crossover in the RSI indicates a move towards the upper end of the channel placed near 8750. Only a
BUY HCL TECHNOLOGIES: The stock surpassed its hurdle of Rs 825 levels and gave a consolidation breakout. It has been holding the gains which indicate inherit strength in the counter and has formed a positive price structure.
BUY ITC: The stock has been consolidating from last eight trading sessions and is holding the support base after the decline witnessed in the month of September. It is consolidating above its 50 weekly moving average and narrowing from last two weeks.
Here are a few trading ideas from Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities:Nifty OutlookProximity towards the lower end of the ‘Falling Channel’ raises the expectation of a reversal in the offing.
BUY TATA STEEL: The stock registered new lifetime high at Rs 420 levels and has been making higher highs higher lows from last three weeks. Recently, it surpassed its important hurdle of Rs 410 levels and the support base is also shifting higher.
BUY LUPIN: The stock surpassed its immediate falling trend line and moved above its recent consolidation phase. It crossed and closed above its hurdle of 1508 levels and is showing the early signs of bottoming out.
Occurrence of 'Doji' post the pullback reaffirms the immediate movement to remain capped. The momentum indicator RSI also saw a pullback during the week & now seems resuming its movement towards the oversold zone.
BUY VOLTAS: The stock formed a hammer candle after the decline of previous two days and closed at the day’s high levels. Overall trend of the stock is positive and witnessed buying interest at the lower levels.
NIFTYCLOSE- 8697.60 (07.10.16)Market closed weekly in positive territory. It has achieved my short term targets levels in the range of 8640-8540 as expected last week near recent lows in this correction. It made a low of 8555.20 levels.