 "Stock picks from Motilal Oswal Securities; buy Lupin, Mindtree")
Here are a few trading ideas from Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities:
Nifty Outlook
Most of the trading activity was registered close to the lower end of the ‘Spike’ formation which occurred on day of the US Election outcome. The occurrence of a ‘Spinning Top’ formation on the daily scale coupled with a positive divergence on the intraday scale raises the expectation of a bounce back. Traders are advised to resort to adequate hedge to negotiate the ongoing volatility. We expect nifty to remain confined with the broad range of 8,450-8,000 for the coming week.
Reco: BUY
Last Close: Rs 1,415
Target: Rs 1,540
Positive sector outlook & the development of a ‘Bullish Harami’ at the lower end of the Broadening formation. Fresh longs can be initiated with a stop below Rs 1,380 & a pattern target upto Rs 1,540.
MINDTREE
Reco: BUY
Last Close: Rs 441
Target: Rs 465
Post a severe decline the positive divergence on the daily RSI raises expectation of a bounce back. Mindtree could be accumulated upto Rs 428 with a stop below Rs 410 for a trading target upto 465.
INDIA CEMENTS
Reco: SELL
Last Close: Rs 113
Target: Rs 100
Negative sector outlook & breach below its 200 DEMA indicates weakness to persist. Pullback upto 120 can be utilized to crate shorts with stop above Rs 124 & a trading target upto Rs 100.
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
Most of the trading activity was registered close to the lower end of the ‘Spike’ formation which occurred on day of the US Election outcome. The occurrence of a ‘Spinning Top’ formation on the daily scale coupled with a positive divergence on the intraday scale raises the expectation of a bounce back. Traders are advised to resort to adequate hedge to negotiate the ongoing volatility. We expect nifty to remain confined with the broad range of 8,450-8,000 for the coming week.
More From This Section
LUPIN
Reco: BUY
Last Close: Rs 1,415
Target: Rs 1,540
Positive sector outlook & the development of a ‘Bullish Harami’ at the lower end of the Broadening formation. Fresh longs can be initiated with a stop below Rs 1,380 & a pattern target upto Rs 1,540.
MINDTREE
Reco: BUY
Last Close: Rs 441
Target: Rs 465
Post a severe decline the positive divergence on the daily RSI raises expectation of a bounce back. Mindtree could be accumulated upto Rs 428 with a stop below Rs 410 for a trading target upto 465.
INDIA CEMENTS
Reco: SELL
Last Close: Rs 113
Target: Rs 100
Negative sector outlook & breach below its 200 DEMA indicates weakness to persist. Pullback upto 120 can be utilized to crate shorts with stop above Rs 124 & a trading target upto Rs 100.
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