Rajesh V: Nifty has a bearish outlook, buy HDFC Bank and Hindalco

Nifty's short term and long term scene looks bearish. But if Nifty manages to maintain above 4870 then it should be taken as a sign for bull in intraday.

On the downside Nifty futures should find its intraday major support at 4832.

Bank Nifty Future: (Refer Chart - Bank Nifty)

Bank Nifty closed a little positive after the huge fall over the past past few days. It should maintain above the level of 9395 than only will it be able to reach 9485 & 9575 on intraday. The downside support for this will be at 9300 & 9285.

Intra-day calls

HDFC Bank
Buy at Rs 460 level
Stop loss at Rs l,455
Target Rs 466

Hindalco
Buy above Rs 141.50
Stop loss at Rs 140
Target for the stock is Rs 144

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.goodreturns.in. You can contact him at rajeshvravanappan (at) gmail (dot) com

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