Wednesday, February 15, 2017

STOCK PICKS FOR 16 FEB 2017

SELL TATAMOTORS BELOW 440 TGT 430/425 
SL 450
The Nifty ended at their lowest in two weeks on Wednesday, with Tata Motors pulling the indexes down after posting disappointing results. The sensex fell 183.75 points or 0.65 per cent to 28,155, its lowest since February .The nifty fell 67.6 points or 0.77 per cent to 8,724, after falling as much as 0.9 per cent earlier in the session.
Initiate Shorts Nifty Closes Below 8730
Technically, Indian Stock Market is in positive zone but it is witnessing distribution pattern that means there is high chance of downfall at this point of time. Market has been consolidating for more than last 7 trading sessions and we are ready for a big move, now. We would see breakout if Nifty closes above 8830 levels whereas a sharp breakdown would be seen if it closes below 8730 levels. Traders should initiate fresh short positions if Nifty closes below 8730 levels or Bank Nifty closes below 20078 levels. The probability of downfall is getting higher due to overstretched market and we may see some reversal in upcoming days, if Nifty is not able to hold 8730 levels on closing basis. Until then traders can hold long positions.


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