Nifty outlook and top stock picks by Angel Broking; Buy UBL, Jindal Steel

Stock calls and Outlook on Nifty by Mr. Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking Ltd

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Market news:

11430 - A last ray of hope for the bulls
Post the Budget announcement, market participants looked disappointed which triggered a massive sell off, especially in some of the marquee outperformers. To make it worse, we had a decent gap down on July 8 which accelerated as the day progressed. Eventually, the session turned out to be the weakest day of the current calendar year.

Fortunately, this mayhem got arrested on the following day and then we witnessed a mild recovery throughout the remaining part of the week to eventually conclude with a cut over a couple of percent. Previous week’s low of 11,461 holds lot of significance because it coincides with multiple technical evidences such as, (i) 61.8% retracement of recent rally...read morec

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