Stock calls by Tradebulls Securities: Sell Indian Oil, Colgate Palmolive

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

Nifty breached and closed below its 50-DEMA (double exponential moving average) placed at 10,824 forming large bearish candle. The bearish implications of 'false breakout' above the two-month long consolidation kicked in while the index is expected to drift towards the consolidation support of 10,600 in the coming sessions. Weekly relative strength index (RSI) continues to mark higher highs while strong bullish reversal patterns at consolidation support reaffirms the prevalent bullish bias. Hence, shorts should be avoided for now while short-term traders should wait for exhaustion at