 "Stock picks from Motilal Oswal Securities; buy Kotak Mahindra Bank, Vedanta")
Nifty Outlook
Nifty maintained its opening gap for the day & continued its rally towards 8600. The immediate requisite is a sustained breach above 8630 which could accelerate the ongoing momentum. Hence aggressive longs are recommended once above the said level with a stop below 8450. A sustained move above 8630 would confirm the channel breakout & re-affirm the likely extension upto 8850-8900.
KOTAK BANK
Reco: BUY
Last Close: 819
Target : 860
'Rising Three' formation on the weekly scale raises the expectation of the secular up move to remain intact. Breakout above 830 could accelerate the momentum & hence fresh longs could be added with a stop below 800 for an immediate target up to 860.
VEDANTA
Reco: BUY
Last Close: 229
Target : 245
Positive sector outlook & breakout from the flag formation on the daily scale well supported with volumes. Momentum expected to continue till the pattern target upto 245. Longs shall be maintained with a stop below 220.
SUN TV
Reco: BUY
Last Close: 532
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 maintained its opening gap for the day & continued its rally towards 8600. The immediate requisite is a sustained breach above 8630 which could accelerate the ongoing momentum. Hence aggressive longs are recommended once above the said level with a stop below 8450. A sustained move above 8630 would confirm the channel breakout & re-affirm the likely extension upto 8850-8900.
KOTAK BANK
Also Read
Reco: BUY
Last Close: 819
Target : 860
'Rising Three' formation on the weekly scale raises the expectation of the secular up move to remain intact. Breakout above 830 could accelerate the momentum & hence fresh longs could be added with a stop below 800 for an immediate target up to 860.
VEDANTA
Reco: BUY
Last Close: 229
Target : 245
Positive sector outlook & breakout from the flag formation on the daily scale well supported with volumes. Momentum expected to continue till the pattern target upto 245. Longs shall be maintained with a stop below 220.
SUN TV
Reco: BUY
Last Close: 532
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