Nifty outlook and stock recommendation by HDFC Securities: Buy Escorts

Technical calls from Nandish Shah, Senior Technical & Derivatives Analyst at HDFC Securities.

Accumulate long positions with stop loss of 11,180 levels

Nifty took support at 200 day SMA on September 30 and recovered more than 100 points from the intraday low and finally closed with the losses of 115 points at 113,60 levels.

Nifty formed a major bottom of 10,670 and rallied towards 11,695 recently. 50 per cent Fibonacci retracements of the entire swing is placed at 11,182 which are likely to act as a support going forward. Previous top on charts also happens to be at 11,181 levels. 200 day SMA is placed at 11,255 levels from where Nifty took intraday support and