Top trading ideas for today's trade: Buy Larsen and Tubro, sell Sun TV

Nifty outlook and top trading ideas by Sacchitanand Uttekar Asst Vice President - Research Technicals (Equity), Tradebulls: Nifty Outlook: Nifty did witness a rebound from its Make Or Break’ juncture & continues to oscillate within the Downward Sloping Channel on the intraday sale. On the 180 min scale its now trading close to its channel support zone with its corresponding RSI displaying a positive divergence. The pattern would lose its sheen in case 10030 is breached from hereon & the impending move could see a domino effect towards 9720. But any revival on a sustained basis above 10160 would surprise the short sellers & could lead to a short covering move which could see an extension towards 10430 (Upper Bound Of Channel) .

Hence short term traders should exercise caution while committing towards any fresh positions on either side & await for a breach above 10160 or below 10030 for fresh trading positions from hereon. Stock: LARSEN & TUBRO Reco.: Buy CMP : Rs 1309.30 The ongoing corrective wave seems to have terminated around 1260 which also corresponds towards the 61.8% retracement of its previous weekly impulse move. The recent occurrence of a Harami Cross formation near the support zone compliments the support & the ongoing consolidation now seems mature for resumption of a bullish move. Traders could utilise declines if any to build positional longs with a stop below 1260 & an expectation of a move towards 1405 (Weekly Gap Resistance) Stock:SUN TV Reco.: Sell CMP: Rs 873 The recent negative crossover of the short term averages indicates weakness to persist. Since the stock is placed near its 200 DEMA a short term bounce back may not be ruled out. But a sustained breach below 865 from hereon could amplify the decline towards 832 zone & hence a conditional sell below 860 could be deployed with a stop above 883.