Stocks to buy and sell in today's trade

Here are a few trading ideas from Sacchitanand Uttekar, Equity Technical Analyst  of Motilal Oswal Securities:

Nifty Outlook

Nifty continues its southbound journey as it breached below its psychological support. The sequence of the lower top lower bottom continued despite an oversold situation reported by the RSI. The ADX (Trend strength indicator) has jumped to 38 indicating increasing strength of the ongoing trend which also contradicts the oversold RSI setup. Hence with no signs of a reversal formation the immediate bias continues to remain negative. The immediate requisite would be a close above 8,110 which could distort the ongoing bearish sequence and create some room for a pullback. Therefore traders are advised to resort to adequate hedge to negotiate the final lap of October expiry.

LUPIN

Reco:  BUY

Last Close: Rs 1,398

Target : Rs 1,540

Positive sector outlook and the development of a 'Bullish Harami' at the lower end of the 'Broadening Pattern' re-confirms the validity of the pattern. The setup provides a phenomenal reward to risk opportunity. Fresh longs can be initiated with a stop below 1380 and a pattern target upto Rs 1,540.

DISH TV

Reco: SELL

Last Close: Rs 84.75

Target : Rs 78

Dish TV saw a breakdown from the symmetrical triangle pattern. Breakdown & pullback to the pattern provides a good reward to risk opportunity to create fresh shorts with a stop above 89 & an initial target to 78.

EXIDE

Reco: SELL

Last Close: Rs 171.70

Target : Rs 161

Exide is now placed close to its 200 days EMA but the ‘Falling Three’ formation on the daily scale augurs well for the weakness to persist. Short positions could be initiated with a stop above Rs 176.30 for a target upto Rs 161.

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