Nifty outlook and top stock picks from Motilal Oswal Securities

Nifty outlook and stock picks from Chandan Taparia, Derivatives & Technical Analyst, Motilal Oswal Securities:
 
Nifty Outlook:
 
Nifty index continued its positive momentum and headed towards 10759 levels. It has formed a Bullish Candle on the daily chart which indicates that bulls are holding the tight grip on the market. It is forming higher highs – higher lows on daily scale from last three trading sessions which indicates that supports are gradually shifting higher. Now it has to continue to hold above 10680 zones to extend its move towards 10800 then 10830 zones while on the decline supports are seen at 10638 then 10580 levels.

 

Stocks:
 
ASIAN PAINTS
Reco: BUY
Last Close: Rs 1,201
Stop Loss: Rs 1,181
Target: Rs 1,240
 
Channel breakout and formation of higher top – higher bottom on weekly scale
 
IRB
Reco: BUY
Last Close: Rs 281
Stop Loss: Rs 273
Target: Rs 298
 
Retested previous support zones and given a fresh momentum to start the fresh up move
 
MCDOWELL
Reco: BUY
Last Close: Rs 3622
Stop Loss: Rs 3550
Target: Rs 3770
 
Higher top – higher bottom and respecting to its rising support trend line
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.