Nifty outlook and stock pick by HDFC Sec: Buy Dr Reddy's Labs, L&T Infotech

Buy Nifty around 9,900 | Target: 10,300 | Stop Loss: 9,700

Nifty has been weakening for the last two trading sessions. The index has failed to close above the resistance of 10,300. There has been good amount of call writing happening at 10,300 strike price in the derivative side. Nifty is on the verge of breaking 5 days EMA support placed at 10,030. Any level below 10,030 could take Nifty towards 9,900. However looking at the strong setup on the medium term charts, it would be advisable to buy Nifty around 9,900, for the upside target of 10,300, keeping stop loss