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Last Updated : Oct 17, 2018 08:28 AM IST | Source: Moneycontrol.com

Podcast | Stock picks of the day: Nifty likely to face resistance around 10,650-10,700 levels

The upside remains open towards 10,650 – 10,700 but it will be too soon to take bullish call given the indicators are showing a weaker trend strength.

Moneycontrol Contributor @moneycontrolcom
 
 
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Mustafa Nadeem

The Nifty breached its 10-SMA and formed a small green candlestick as BankNifty led the overall bullish sentiment on D-Street on Tuesday.

Buying was seen in broader indices as the NiftyBank was leading the sentiment with gains in bluechip banks such as ICICI Bank, SBI and Axis Bank. Reliance Industries and HDFC added further strength to Nifty and helped the index to close above 10,550.

The momentum was strong in indices but the range was much smaller as compared to previous trading sessions. The small green candlestick with a gap-up does indicate strength but also marks a note of cautiousness as a follow up is needed.

The upside remains open towards 10,650 – 10,700 but it will be too soon to take bullish call given the indicators are showing a weaker trend strength.

We remain cautious and suggest to have a short-term scalping play rather than a directional play. Bears may get active at higher levels of 10,700 – 10,650.

Here is a list of top three intraday trading ideas for Wednesday:

Torrent Power: Buy| LTP: Rs 245.10|Target: Rs 250| Stop Loss: Rs 240| Return 2%

The stock outperformed benchmark indices with good volumes and closed near its intraday high on Tuesday. The momentum oscillator CCI has also given a closing above 100 on the daily chart and it also gave closing above the 200 EMA on the daily chart.

We recommend buying the stock at the current level for an initial target of Rs 250 with the stop loss placed below Rs 240.

Tata Elxsi: LTP: Rs 1039| Target: Rs 1060| Stop Loss: Rs 1035| Return 2%

The stock outperformed well with average volumes and closed near its intraday high. The RSI has also shown the reversal from the oversold zone on the daily chart. We recommend buying from the current level for the target of Rs 1060 and a stop loss below Rs 1035.

Equitas Holdings: Buy| LTP: Rs 131.40| Target: Rs 138| Stop Loss: Rs 128| Return 5%

The stock opened gap-up on Tuesday and maintained its momentum throughout the day. The stock is trading well above its 200-EMA on the hourly chart and closed above it. We recommend buying at the current level for an initial target of 138 and a stop loss below Rs 128.

Disclaimer: The author is CEO, Epic Research. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 17, 2018 08:25 am
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