Read more about Nifty close below 14,416 would be bearish for short-term: Vinay Rajani on Business Standard. Below 14,416, Nifty could slide towards next support of 14,150
BUY ESCORTS | TARGET: Rs 1,190 | STOP LOSS: Rs 1,070 The stock ESCORTS has corrected from the top of over 1,400 to the recent bottom near 1,100-mark. This has brought the stock under oversold zone in smaller time frame. At this juncture, the stock is trading near the potential reversal zone of a bullish harmonic patterns called Butterfly . For a medium-term trader, this could be a perfect price to go long with a time frame of 2 – 4 weeks. Thus; traders are advised to buy the stock in the range of 1,120 - 1,100 with a stop loss of 1,070 for the upside potential target of 1,190 in 2 – 4 weeks.
BUY PFC | TARGET: Rs 125 | STOP LOSS: Rs 96
Nifty outlook Market traded lower amidst profit booking on Friday as global sentiments were subdued along with spike in Covid-19 cases domestically, which pushed index lower. Nifty closed at 14,631.10, slashing 263.80 points. Banks, financial and FMCG stocks traded with negative sentiments whereas Pharma sector closed in the green. Nifty bank closed at 32,781.80, losing 932.70 points from the previous day’s closing. As per weekly option data, significant call writing on higher strikes ranging from 14,700 to 15,000 is witnessed, which shows Nifty might take resistance in the zone of 14,800 as maximum call OI placed here after 15,000. We can witness profit booking only if Nifty breaks level of 14,500. Therefore, traders should try to create short position keeping close eye on 14,800.
BUY Adani Enterprises Limited | Target: Rs 1,240 | Stop loss: Rs 1,050 ADANIENT is in a secular uptrend, trading in a cycle of higher highs and higher bottoms, indicating inherent strength in the overall counter. On the daily time frame, the stock has rebounded from its 21-DEMA, and sustaining above this, is expected to march with the same tandem. Also, the mean of the Bollinger band has historically proven strong support for the counter making it a favourable risk-reward ratio for a short-term duration.
BUY Sequent Scientific Limited | Target: Rs 274 | Stop loss: Rs 232 SEQUENT has seen some minor correction from the lifetime highs in recent times and has managed to sustain at higher levels post support of its 21-DEMA on the daily time frame, which was also the consolidation zone for the stock in the past. Even on the oscillator front, the 14 period RSI has rebounded to witness a positive crossover and is all set to march northwards, reassuring the strong trend in the counter.
Read more about Nifty outlook and stock picks by Sameet Chavan: Buy Balrampur Chini, Pfizer on Business Standard. The deciding factor in days to come has to be the financial space