Buy and sell ideas by Sacchitanand Uttekar of Tradebulls Securities

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

Nifty continues to consolidate post attaining new lifetime highs as profit-booking at higher levels have kept upside capped on immediate basis. 20-DEMA (Double Exponential Moving Average) continues to act as immediate support on the downside currently placed at 11,810. Weekly derivative data indicates sustained put writing at 11,800 strike which also coincides around the support zone of its 20-DEMA.

Daily RSI (relative strength index) has still been stable above 50; however, it is unable to move past its signal line that could attract upside momentum. We expect the index to retain itself within the range of 11,660-12,140 for few