Nifty Outlook: Nifty resumed its weakness after a brief pause in yesterday’s trading session as weakness intensified below the level of 10470.
Hence traders should retain shorts until 10580 is defended with an expectation of an immediate extension towards 10325.
Stock: INDIGO
Reco.: Buy
CMP: Rs 1160
Recurrence of multiple spike formations near the support 1100 & a rebound from the support zone displays early signs of distortion of the ongoing down move. Positive divergence on the daily RSI also compliments the setup & hence declines if any should be utilized to create fresh longs. Short term traders could accumulate the stock within the range of 1160-1130 & hold it for a rebound towards 1230 where its 200 DEMA is placed.
Stock: HPCL
Reco.: SELL
CMP: Rs 287
Most of the OMC’s continue to deteriorate due to the ongoing crude price effect. HPCL has been trending down for almost 10 months now & the fresh breackdown from the continuation pattern indicates aggregated weakness. Short positions could be continued with a stop above 298 with an initial target upto 272.
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