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Nifty Outlook
Nifty continues its steady up move post reversing from its intermediate support. The momentum oscillator is still away from the overbought level of 65 (Dual distribution theory) indicating this move may have some more headroom. 7,760 remains a critical base for the existing up move to remain intact & serves as a trail stop for longs.
BOSCH: BUY
Last Close: Rs 18,410
Bosch is placed at the lower end of the oscillation. It is quoting at the pattern support and a move up could resume within a time frame of 2-3 weeks. The setup provides a phenomenal reward to risk ratio for portfolio longs. Bosch could be accumulated with a stop below 17300 with an expectation of an initial target up to 22200
ARVIND: BUY
Last Close: Rs 347
Target : Rs 410
Arvind saw a breakout from a yearlong consolidation. The breakout is well supported with volumes & raises expectation of an accelerated move. Momentum could be participated with a stop below 320 for a target up to 410.
PFC: SELL
Last Close: Rs 203
Target :Rs 190
Continuation pattern on the immediate scale indicates the weakness to persist. We expect the stock to revisit its intermediate swing low & thus could be short sold with a stop at 209 for an initial target upto 190.
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.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities
Nifty continues its steady up move post reversing from its intermediate support. The momentum oscillator is still away from the overbought level of 65 (Dual distribution theory) indicating this move may have some more headroom. 7,760 remains a critical base for the existing up move to remain intact & serves as a trail stop for longs.
BOSCH: BUY
Last Close: Rs 18,410
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Target : Rs 22,200
Bosch is placed at the lower end of the oscillation. It is quoting at the pattern support and a move up could resume within a time frame of 2-3 weeks. The setup provides a phenomenal reward to risk ratio for portfolio longs. Bosch could be accumulated with a stop below 17300 with an expectation of an initial target up to 22200
ARVIND: BUY
Last Close: Rs 347
Target : Rs 410
Arvind saw a breakout from a yearlong consolidation. The breakout is well supported with volumes & raises expectation of an accelerated move. Momentum could be participated with a stop below 320 for a target up to 410.
PFC: SELL
Last Close: Rs 203
Target :Rs 190
Continuation pattern on the immediate scale indicates the weakness to persist. We expect the stock to revisit its intermediate swing low & thus could be short sold with a stop at 209 for an initial target upto 190.
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.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities