Nifty outlook and three trading ideas by Chandan Taparia of MOSL

Few trading ideas by Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities:

Outlook:

Nifty index opened positive and made a new record lifetime high of 10,171. It surpassed previous lifetime high of 10,138 and registered a highest daily close above 10,150. It formed a Bullish candle with a gap away pattern which indicates that bulls have jumped the supply zone. Now index has to continue to hold above 10,138 to extend its move towards 10,200 then 10,270 zones while on the downside supports are seen at 10,050 and 10,020 zones.

Stocks:

Hero MotoCorp

Reco: BUY

Last Close: Rs 3950

Stop Loss: Rs 3900

Target: Rs 4050

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