Nifty outlook and top trading ideas by HDFC Securities

Nifty outlook and top trading ideas by Vinay Rajani, Technical Analyst, HDFC Securities:

Nifty breaks the 5 session’s losing streak by rising 20 points, to close at 10536. Midcaps and smallcaps have been hammered down significantly recently.  We are in fag end of the result season and considering the oversold conditions, we expect midcaps to recoup some of their losses in the coming days. However, considering the overall trend, Nifty should be sold in the pullbacks. Range of 10600-10650 should be utilized to initiate fresh shorts with a stop loss of 10700. Support for the Nifty is seen at 10325.