Stock calls by Tradebulls Securities: Sell Exide Industries, Tata Steel

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

The occurrence of “Bearish Engulfing” candle after attaining intra-day life highs post small exhaustive bodies in previous trading sessions suggests the rally might have pause/terminate in short term. Prevailing negative divergence relative to price for daily relative strength index (RSI) oscillator along with deteriorating market breadth suggests short term top might be in place and confirmed once index breaches below 11,520 levels. A move below 11,520 from here on could mark the commencement of a corrective /consolidative move towards 11,300. Positional traders should book profits while short term traders are advised to initiate short positions once 11,520 is decisively breached