Stocks for Tomorrow
& Nifty Outlook

Stocks

DLF - Stock has shown the strength in ending hours of market and closed in green with above average volumes. The RSI is also showing upside on the daily chart. We recommend buying above 202 for the target of 205 with the stop loss of 200.

INFY - Stock was positive throughout the trading session and closed near to days high with good volumes. It also formed a flag pattern on the hourly chart. The RSI and CCI are showing upside on the daily chart. We recommend buying above 743 for the target of 751 with the stop loss of 735.

JETAIRWAYS - Stock opened gap down and maintained itself at the support level. It has a strong support level of trendline on the daily chart. The RSI is also hovering around the oversold zone. We recommend buying above 222 for the target of 227 with the stop loss of 218

Nifty Outlook

Nifty saw mild profit booking as weekly expiry of options was dominated by writers. The movement in Nifty and other sectoral indices was seen down marginally. It was the profit booking in the energy and Consumer cyclical space that capped the upside as well while buying in select blue chips from technology, financials, and industrials that helped the market to sustain the lower levels.

The derivatives data point to a range of 11600 - 11400 for Nifty as of now since these two strikes have the highest OI. 11600 Call has seen some short side built up as sellers are aggressively shorting these strikes on CE side while on Puts side we have seen short built up on 11500 PE. This shows there can be further consolidation in a very tight range of 11450 - 11600.

With undertone largely bullish for the market we believe buying on dips should work well in short to medium term. Supports established at 11400 - 11450 should be utilized for an upside play to 11600.