Buy and sell ideas by Sacchitanand Uttekar of Tradebulls Securities

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

After acting as support for two consecutive sessions, Nifty breached and closed below its 100-DEMA (Double Exponential Moving Average). The index has failed to witness follow through rally post occurrence of “Bullish Hammer” around 100 DEMA which indicates the prevailing downside pressure. The breach and close below 11,650 level of consolidation support distorted prevailing bullish structure in place. Hence, the close below 100 DEMA (11,540) will target gap support range of (11,406-11,426) on an immediate basis. It’s prudent to book profits for existing shorts on a test of gap support and await for bottoming out/reversal formations to occur around the