Support for Nifty is seen at 10,882, says Vinay Rajani of HDFC Securities

Rallies should be utilized to Exit trading longs

Nifty fell for the fourth consecutive day to close at 11,174. In these four sessions, many stocks have witnessed huge selling and turned oversold on the short term charts. IT and Pharma sector helped the Nifty a lot to limit the losses. Nifty has violated the support of its 50 days EMA. The trend would be considered bearish unless Nifty closes above 11,450. Support for the Nifty is seen at 10,882. 

Stock recommendations:

Sell Bosch Ltd (12,409) | Target: Rs 11,500 | Stop-loss: Rs 13,000
 

The stock has violated the support of its 200