Technical calls from HDFC Securities: Buy ITC, Punjab National Bank

Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities.

Markets likely to continue its bull run

Nifty is in upward momentum and marching towards its new all-time above 11,760. Though Oscillators have turned overbought, the index can extend the rally even from the current levels. The reason for being bullish even at this level is that it has broken out from long four-month consolidation range of 10,600-11,000. We expect Nifty to register new all-time in the near term. Positional support for the index is seen at 11,200, while short-term support is seen at 11,500.

BUY ITC (Rs 299)

Target: Rs 315

Stop loss: Rs 290

The stock has broken out from the downward sloping