Mid term trading ideas: IFCI (Target Rs60), Voltas (Target Rs190)

Sell on rise

Nifty shed 57 points on profit booking across the globe. Almost all sectors witnessed selling pressure - metal, realty, infrastructure and oil & gas, which rallied sharply, were the major ones. On hourly chart, though Nifty is forming a falling wedge, generally considered a bullish, has a high probability of seeing a failure. The reason behind the falling wedge turning out to be a failure is the on going H&S pattern, which has just completed a neckline retest phenomenon and unless 5217 is breached every rally should be used as a selling opportunity only

Trading Ideas

• • Remain stock specific from current levels.
  • Mid term trading ideas which we like are IFCI (Target Rs60), Voltas (Target Rs190), Suzlon (Target Rs78) and Dena Bank (Target Rs98). Traders maintain stop loss accordingly.

  Investment Ideas

  • Jubilant Organosys: CMP @ Rs343 (Target Rs460)

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