Downside supports on Nifty seen at 9,880 and 9,850 levels: Motilal Oswal

Nifty has to continue to hold above 9,928 zones to witness an up move towards 9,980

Outlook:

Nifty index opened positive and headed towards 9,965 mark, but it failed to hold its gains and corrected towards 9,920 levels. It formed a small candle and got stuck in the broader trading range of 9,850 to 9,980 zones from the last seven trading sessions. It closed positive with the gains of 14 points near to its key level of 9,928. Now it has to continue to hold above 9,928 zones to witness an up move towards 9,980, while the downside supports are seen at 9,880 then 9,850 levels.

Stocks:

YES BANK

Reco: BUY

Last Close: Rs 1800

Stop Loss: Rs 1750

Target: Rs 1880

It has been holding above its falling supply trend line. It has also formed a “Morning Doji Star” and a “Rounding Bottom” pattern on the weekly scale which has a bullish implication. Major trend of the stock is positive and recent declines from its life time high is giving the fresh opportunity for the next leg of rally.

EICHER MOTORS

Reco: BUY

Last Close: Rs 32861

Stop Loss: Rs 32300

Target: Rs 33700

It has given a fresh breakout on Daily, Monthly and weekly chart. It looks strong as breakout is seen with sharp jump in Open Interest and volumes activities.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.