 "Stock picks from Motilal Oswal Securities; buy HDFC Bank, Britannia, Sun TV")
Here are a few trading ideas from Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities:
Nifty Outlook
Nifty drifted below crucial support of 8500 but ended the day with an ‘Inverse Hammer’ formation. Ideally a breach above 8540 would active the bullish implications of the pattern. Therefore a recovery above 8540 would be the requisite for the revival of the bullish momentum else a breach below 8470 could see an immediate movement towards 8400.
Reco: BUY
Last Close: 1254
Target : 1300
Positive sector outlook & 'Bullish Hammer’ on the weekly scale reconfirmed the retracement support near 1230 & augurs well for the termination of the ongoing corrective wave. A breach above 1270 could amplify the momentum & hence longs could be added with a stop at 1230 for a positional target upto 1300.
BRITANNIA
Reco: BUY
Last Close: 3302
Target : 3400
Post declining for 7 consecutive weeks the occurrence of a 'Bullish Hammer ' raises the expectation of an intermediate support. A breach above 3350 could attract momentum & hence trading longs could be added with a stop at 3280 & a target upto 3400.
SUN TV
Reco: BUY
Last Close: 529
Target : 590
‘Rising Three’ formation on the weekly scale augurs well for the uptrend to continue. The recent decline provides a good opportunity to add longs with a stop below 510 for an initial trading target upto 575 followed by 590.
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
Nifty Outlook
Nifty drifted below crucial support of 8500 but ended the day with an ‘Inverse Hammer’ formation. Ideally a breach above 8540 would active the bullish implications of the pattern. Therefore a recovery above 8540 would be the requisite for the revival of the bullish momentum else a breach below 8470 could see an immediate movement towards 8400.
More From This Section
HDFC BANK
Reco: BUY
Last Close: 1254
Target : 1300
Positive sector outlook & 'Bullish Hammer’ on the weekly scale reconfirmed the retracement support near 1230 & augurs well for the termination of the ongoing corrective wave. A breach above 1270 could amplify the momentum & hence longs could be added with a stop at 1230 for a positional target upto 1300.
BRITANNIA
Reco: BUY
Last Close: 3302
Target : 3400
Post declining for 7 consecutive weeks the occurrence of a 'Bullish Hammer ' raises the expectation of an intermediate support. A breach above 3350 could attract momentum & hence trading longs could be added with a stop at 3280 & a target upto 3400.
SUN TV
Reco: BUY
Last Close: 529
Target : 590
‘Rising Three’ formation on the weekly scale augurs well for the uptrend to continue. The recent decline provides a good opportunity to add longs with a stop below 510 for an initial trading target upto 575 followed by 590.
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