Nifty outlook and technical Calls by Vinay Rajani, Technical Analyst, HDFC Securities:
Nifty View
By closing at 10,710, Nifty broke down below the consolidation range 10755-10893, which was holding for previous 6 sessions. Going forward, If Nifty sustains below 10700 support, then it is likely to extend its fall towards 10,640. Any close below 10,640, would be considered bearish trend reversal. The level of 10,830 has now become strong resistance.
Buy UBL
CMP: Rs 1,279
Target: Rs 1,340
Stop-loss: Rs 1,250
Stock price has recently registered new all-time and 52 week high at 1310. For last 5 sessions price has been consolidating in the range of 1256-1290