 "Stock picks from Motilal Oswal; Sell Cadila Healthcare, Zee Entertainment")
Here are a few trading ideas from Shubham Agarwal of Motilal Oswal Securities:
Nifty Outlook
Nifty breached the trading range of 7,750-7,600 & confirmed the distortion of the ongoing sequence of higher top -higher bottom sequence. Short term longs should be reduced as Nifty closed below 7,580. Nifty could witness a drift towards its immediate previous base near 7,450-7,400.
ASIAN PAINTS
Reco: BUY
Last Close: Rs 858
Target: Rs 910
Asian paints has been oscillating within the trading range of Rs 850-Rs 910. The inverse hammer formation at the lower end of the range marked the beginning of a through back move towards Rs 910. The recent correction provides a good reward to risk opportunity for fresh longs with a stop below Rs 845 & a pattern target upto Rs 910.
CADILA HEALTHCARE
Reco: SELL
Last Close: Rs 319.7
Target: Rs 295
Negative sector outlook & a mature continuation pattern re-affirms weakness to persist. Cadila Health could be short sold with a stop at Rs 325.30 for a target upto Rs 295.
ZEE ENTERTAINMENT
Reco: SELL
Last Close: Rs 385
Target: Rs 370
Negative sector outlook & fresh breakdown from a continuation pattern on the intraday scale augurs well for the weakness to continue. ZEE could be short sold for a trading target upto Rs 370 with a stop at Rs 391.
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.Motilal Oswal Securities Limited is registered under SEBI (Research Analysts) Regulation 2014 SEBI Registration No :-INH000000412. MOSL or its associate might be involved in market making for the subject company or have potential conflict of interest.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities
Nifty Outlook
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Nifty breached the trading range of 7,750-7,600 & confirmed the distortion of the ongoing sequence of higher top -higher bottom sequence. Short term longs should be reduced as Nifty closed below 7,580. Nifty could witness a drift towards its immediate previous base near 7,450-7,400.
ASIAN PAINTS
Reco: BUY
Last Close: Rs 858
Target: Rs 910
Asian paints has been oscillating within the trading range of Rs 850-Rs 910. The inverse hammer formation at the lower end of the range marked the beginning of a through back move towards Rs 910. The recent correction provides a good reward to risk opportunity for fresh longs with a stop below Rs 845 & a pattern target upto Rs 910.
CADILA HEALTHCARE
Reco: SELL
Last Close: Rs 319.7
Target: Rs 295
Negative sector outlook & a mature continuation pattern re-affirms weakness to persist. Cadila Health could be short sold with a stop at Rs 325.30 for a target upto Rs 295.
ZEE ENTERTAINMENT
Reco: SELL
Last Close: Rs 385
Target: Rs 370
Negative sector outlook & fresh breakdown from a continuation pattern on the intraday scale augurs well for the weakness to continue. ZEE could be short sold for a trading target upto Rs 370 with a stop at Rs 391.
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.Motilal Oswal Securities Limited is registered under SEBI (Research Analysts) Regulation 2014 SEBI Registration No :-INH000000412. MOSL or its associate might be involved in market making for the subject company or have potential conflict of interest.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities