 "Motilal Oswal recommends buy on M&M, Bata India, Emami")
Nifty Outlook
Fresh breakout from the continuation pattern on the daily scale along with the trend strength indicator ADX (20) quoting above 21 raises the expectation of the ongoing uptrend to remain firm. A breach below 8520 shall be considered as the first sign of cooling of momentum & hence serves as a trail stop for fresh longs. Only if the said level is breached it could distort the ongoing sequential growth of the bullish trend. Longs shall be reduced only below 8520; post which the index could witness an immediate movement towards 8130 (Intermediate Support).
Reco: BUY
Last Close: 1470
Target : 1580
Positive sector outlook & fresh breakout from the ongoing consolidation augurs well for momentum to be witnessed. M&M could be traded with a stop at Rs 1430 for a target upto Rs 1580.
BATA INDIA
Reco: BUY
Last Close: 598
Target : 680
Breakout from the ‘Cup & Handle’ formation indicates a fresh up move in the offing. Bata could see a strong up move till Rs 680 which could be participated with a stop below Rs 580.
EMAMI
Reco: BUY
Last Close: 1148
Target : 1360
Mature continuation pattern on the weekly scale augurs well for the sequential trend to continue. We expect the stock to continue its steady up move till Rs 1360 & hence the stock could be accumulated with a stop below Rs 1080.
Disclaimer: Motilal Oswal Securities ( MOSL ) is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. MOSL is in the process of getting registered under SEBI - Research Analyst Regulations. MOSL, the spokesperson or his relatives, do not have financial interest in the securities mentioned above. The spokesperson has not served as a director, employee or officer at the subject company in the last 12 months. MOSL or its associate might be involved in market making for the subject company or have potential conflict of interest.
Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities
Fresh breakout from the continuation pattern on the daily scale along with the trend strength indicator ADX (20) quoting above 21 raises the expectation of the ongoing uptrend to remain firm. A breach below 8520 shall be considered as the first sign of cooling of momentum & hence serves as a trail stop for fresh longs. Only if the said level is breached it could distort the ongoing sequential growth of the bullish trend. Longs shall be reduced only below 8520; post which the index could witness an immediate movement towards 8130 (Intermediate Support).
Also Read
M&M
Reco: BUY
Last Close: 1470
Target : 1580
Positive sector outlook & fresh breakout from the ongoing consolidation augurs well for momentum to be witnessed. M&M could be traded with a stop at Rs 1430 for a target upto Rs 1580.
BATA INDIA
Reco: BUY
Last Close: 598
Target : 680
Breakout from the ‘Cup & Handle’ formation indicates a fresh up move in the offing. Bata could see a strong up move till Rs 680 which could be participated with a stop below Rs 580.
EMAMI
Reco: BUY
Last Close: 1148
Target : 1360
Mature continuation pattern on the weekly scale augurs well for the sequential trend to continue. We expect the stock to continue its steady up move till Rs 1360 & hence the stock could be accumulated with a stop below Rs 1080.
Disclaimer: Motilal Oswal Securities ( MOSL ) is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. MOSL is in the process of getting registered under SEBI - Research Analyst Regulations. MOSL, the spokesperson or his relatives, do not have financial interest in the securities mentioned above. The spokesperson has not served as a director, employee or officer at the subject company in the last 12 months. MOSL or its associate might be involved in market making for the subject company or have potential conflict of interest.
Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities