Two stocks that Sacchitanand Uttekar of Tradebulls Securities is bullish on

Nifty outlook and top trading ideas by Sacchitanand Uttekar, AVP - Technical (Equity)

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Market news:

NIFTY

 Profit booking and stock rotation within the key sectors ahead of Futures and Optiond (F&O) contract expiry added some pressure to the index as it slipped below its key swing support zone near 11,460. On the daily scale, the index almost filled the gap area which it left on its way up while galloping towards 11,694. The gap area around 11,400-11,380 is expected to act as a support for the coming session.

Options data also indicates sizeable PE OI concentrations at 11,500 and 11,400 strikes while on the upside 11,600 built up looks difficult to negotiate which could act as an immediate resistance going forward. The decline from the recent high around 11,694 could be a good opportunity to add quality names as the expectation of the existing trend to continue towards 11,780 in the next few weeks remains valid until the index quotes above 11,200 (200 DEMA). Hence a buy on declines strategy should be adhered to participate in...read more

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