Stock picks from MOSL: Buy Petronet LNG, Hero Moto corp

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at MOSL:
 
Nifty outlook
 
On the daily scale the breakout from the continuation pattern indicates the up move could extend towards the pattern target upto 8860. Though the momentum oscillators RSI has been reporting an overbought situation but the Trend Strength Indicator (ADX) warrants further stimulus in the coming sessions. Trading longs could be maintained with a stop below 8530.
 

Stocks:
Petronet LNG
Reco:  BUY
CMP: 386.40
 
Positive sector outlook & breakout from the triangle formation.The breakout is well supported with increasing volumes. The recent pullback provides a good opportunity to add longs. Positional longs could be added for pattern target of 420 with a stop below 372.

  
Hero Moto Corp
Reco: BUY
CMP: 3,227
 
Trendline breakout with 'Rising Three' formation.Pattern augurs well for a sustained uptrend to be witnessed in the coming days. Trading longs could be considered with the pattern stop below 3205 for a target upto 3,450.
 
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.