Stock recommendation from Anand Rathi’s Nilesh Jain: Sell Mindtree, IGL

Lincoln Wylie

NIFTY OUTLOOK

Nifty shut with a deep reduce in the past trading session and also broke its psychological support of 10,000. Even though the momentum indicator RSI has achieved the oversold territory of 13 levels on the day by day chart, which hints of a compact pullback, the key trend proceeds to stay damaging. If we see any pullback then that need to be utilized as a providing option. The sentiment indicator “INDIAVIX” surged sixty four per cent so significantly in this week and finished at a 10-yr high of 42 levels, which is a key problem for the bull and it has to neat down below 25 levels to give consolation to the bulls.

Recommendations

MINDTREE: Sell | TGT: Rs 765 | SL: Rs 820

The stock has designed a massive bearish candle on the day by day chart. Also, the momentum indicator MACD has delivered a market crossover

Read More