Stock calls by Tradebulls Securities: Buy Tinplate, sell Larsen & Toubro

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

We expect Nifty to continue its consolidation within the range of 11,550-11,710. The occurrence of “Bearish Engulfing” candle formation at the beginning of the week and the follow through move on the downside suggests short term top might be in place. OI concentration band for the current weekly expiry stands at 11,600-11,800 complimenting the expected range. Prevailing negative divergence relative to price for daily RSI oscillator in conjunction with approaching expiry suggests upside might be capped on immediate basis. Only a move below 11,450 could be detrimental from here on and could mark the commencement of a larger corrective move