Stock calls by Tradebulls Securities: Buy Coal India

Nifty outlook and top trading ideas from Sacchitanand Uttekar, DVP - Technical (Equity), Tradebulls Securities.

Index continued its journey higher post smart recovery witnessed once 50 DEMA acted as support for sixth time in past 10 trading sessions. The occurrence of second “Bullish Engulfing” candleline post by various bullish formations confirmed the incremental strength in the 50 DEMA support zone near 11,600-11,640. 

Daily RSI sustained post surpassing above its signal line and 50 levels attracted bullish momentum as expected while the move can continue targeting upper end of consolidation resistance placed at 12,140. Significant call writing at 11,800 levels depicts the base moving higher with the monthly expiry concentration band placed at 11,700-12,000. Only a