STOCK PICKS FOR 10 FEB 2017

“BUY UPL ABOVE 744 TGT 755/765 SL 730”

READ MORE TO KNOW TECHNICAL BASIS :

Primary trend of the stock is bullish and it may consolidating NEAR  the 740 higher level. It is expected to continue the bull run with the crossing of the resistance level of 751, as the stock is sustaining above its 200 and 50&22 days moving averages with 70 RSI. One may initiate the long position above the mentioned level for the targets of 770,800 and with the strict stop loss of 730.

Sensex settles flat, Nifty below 8,800

After a positive opening at 8,816, the Nifty futures contract marked an intra-day high at 8,843.8.However, after witnessing selling pressure and due to profit-taking in PSU Banks, the contract began declining. While trending down, nifty breached the key immediate supports at 8,800 and 8,750 and recorded an intra-day low of 8,733.But it rebounded from this low and is on a marginal recovery mode. The market breadth towards advance/decline ratio is even.

               Strong rally beyond 8,800 is needed to ease the selling pressure and bring back

buying interest. In that case, the contract can trend upwards to 8,820 and then to 8,843 levels.Traders with a short-term perspective can go long on a strong rally beyond 8,800 levels with a fixed stop-loss. However, failure to move beyond 8,800 can keep the selling pressure and pull the contract down to 8,750 and then to 8,733 levels once again. Key support below 8,733 is at 8,700.