Stock calls by Tradebulls Securities: Sell LIC Housing Fin, Jubilant Food

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

Nifty Outlook

The index witnessed a follow through move on the upside but was unable to retain its gains eventually leading to weakness, which pushed it below 11,500 again. On the daily scale, the index formed a “Dark Cloud Cover” candlestick pattern near its resistance zone. The occurrence of this bearish formation reaffirms the corrective move in progress until a decisive breach and close above 11,580 is not witnessed. 

Derivative data indicates a band of 11,600-11,000 wherein the highest CE & PE OI concentration has been placed; however, the option pain level for the upcoming F&O expiry session is placed at 11,400.