Nifty outlook and three trading ideas by Chandan Taparia of MOSL

Here are a few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:

Outlook

Nifty index managed to hold 8,800 zone and witnessed sustain buying interest till the end of session. It continued its higher top-higher bottom formation and respecting its major support trend line by connecting the bottoms of 7,893 and 8,327. It formed a Bullish candle on daily chart and supports are shifting higher from 8,720 to 8,800. Until it holds above 8,820 zone, this rally may extend towards 8,968 and 9,000 while on the downside multiple supports are seen near to 8,820 and 8,750.

Stocks:

PIDILITE INDUSTRIES

Reco: BUY

Last Close: Rs 697.85

Stop Loss: Rs 675

Target: Rs 750

The stock has taken support at Rs 665 and has given a price-volume breakout after the consolidation of last four weeks.

MINDTREE

Reco: BUY

Last Close: Rs 474.40

Stop Loss: Rs 467

Target: Rs 485

It is making higher highs-higher lows from last three sessions and has given a decisive close above its 50-DMA near to Rs 475, reaffirming the strength.

BANK OF BARODA

Reco: BUY

Last Close: Rs 168.85

Stop Loss: Rs 164.50

Target: Rs 177

It managed to respect its previous supply zone of Rs 162 and has given a reversal with a Bullish Harami Cross pattern on daily chart. It is also holding above its 50-DMA which reconfirms the bullish setup.

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.

Chandan Taparia is an Deivatives and Technical Analyst at Motilal Oswal Securities.