Nifty outlook and stock pick by Tradebulls Securities: Buy Havells India

Nifty outlook and stock recommendation by Sacchitanand Uttekar, DVP - Technical (Equity)

Index, on Wednesday, witnessed short covering bounce post intraday breach below 11,000 levels. Close and sustenance below 11,300- its 200 DEMA- for the first time since it’s last breach on 18th February 2019 suggest downside pressure to sustain unless index recovers above 200 DEMA (11300).

With most oscillators placed in their relative oversold territory intraday, short covering rallies can’t be ruled out .However, only a move surpassing 11,300 (highest call bearing strike) could sustain on the upside. A move and sustenance above 11,300 (200 DEMA) would attract a meaningful short covering moving target to 11,420 & 11,480. An acceleration