Nifty View
Nifty closed at 11,279, the lowest levels on closing basis of the recent down swing started from 11,760. Lower top and lower bottom formation, bearish moving average setup and bearish oscillator setup clearly shows that markets are in a down trend. Next support for Nifty is seen in the range of 11,000-11,100, which is derived from 100 DMA and long term upward trend line on the daily charts. Resistance is shifted down to 11,400 in Nifty. Bank Nifty to likely to test 200 DMA support of 26,100.
Sell Reliance
CMP: Rs 1,217
Target: Rs 1,160
Stop-loss: Rs 1,250
Stock price has closed below its 20-DMA. Bearish head and shoulder breakdown is also seen on the daily charts. Oscillators like RSI and MACD have turned bearish on the charts. We recommend selling Reliance for the downside target of Rs 1,160, keeping SL at Rs 1,250.
Sell Escorts
CMP: Rs 761
Target: Rs 725
Stop-loss: Rs 787
Stock has been forming lower tops and lower bottoms on the daily charts. Auto stocks have been underperforming for last couple of months. After 5 days of consolidation, stock resumed its downtrend with higher volumes, indicates continuation of a bearish trend. We recommend selling Escorts for the downside target of Rs 725, keeping SL at Rs 787.
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