Nifty Outlook and top trading ideas by HDFC Securities

Nifty outlook and top stock pick by Vinay Rajani, Technical Analyst, HDFC Securities:

Nifty Outlook

Nifty rose for the 9th straight session, to close at 10548. From the bottom of 9951, Nifty has risen more than 6% in the span of 15 sessions. By touching 10560, Nifty has completed the 50% retracement of the entire fall seen from 11171 to 9951. Above 10560, we can expect Nifty to extend the gains towards 10705, which happened to be 61.8% retracement.  Nifty has been sustaining above its 50 DMA, and same is likely to provide support at 10380 odd levels. 

BUY NCC

CMP: Rs 134.65