Technical calls by Nilesh Jain of Anand Rathi: Sell Adani Ports, Buy IGL

The stock of IGL has formed a morning star candlestick chart pattern on the daily scale which is considered as a trend reversal pattern.

SELL NIFTY | TARGET: 9,750 | STOP LOSS: 10,040

The NIFTY index breached its major neckline which was placed near 10,040 levels , and also 100-DEMA placed around the same levels. Now, as long as Nifty trades below 10,040 levels, we can expect the downside momentum to continue towards 9,750 levels. The momentum indicator RSI has started making a lower high and lower low formation. Although we may see some pullback as the markets are extremely volatile, the broader structure still looks weak.

SELL ADANI PORTS | TARGET: Rs 325 | STOP LOSS: Rs 348

The stock has breached its major neckline of