 "Technical picks from Motilal Oswal: Buy Arvind; Sell UPL, DLF")
Nifty Outlook
Nifty is expected to trade within the range of 7500 to 8000 ( Coinciding with the Piercing Line & immediate option congestion). It is recommended adhere to a stock specific approach & be a level based short term trader unless a major pattern is evident.
Last Close: Rs 280
Target : Rs 300
On the weekly scale the occurrence of 'Bullish Hammer' at retracement support indicates reversal. The stock has been less affected with the ongoing market volatility. Arvind could also be participated for short term with a stop below Rs 265 for an initial target upto Rs 300.
UPL : SELL
Last Close: Rs 493
Target : Rs 460
The corrective wave post the impulse saw a ‘Bearish Engulfing’ occurring at the retracement resistance indicating stiff resistance. Trend line breakdown post the pattern affirms the weakness to continue & hence UPL could be sold with a Rs 510.30 for a Target upto Rs 460.
DLF : SELL
Last Close: 123
Target : 110
DLF has been is a secular downtrend. Mature wedge pattern on the 30 min scale indicates that the stock could resume its downward momentum. DLF could be short sold with a stop above Rs 130 for a pattern target upto Rs 110.
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 the Head - Quantitative Research at Motilal Oswal Securities
Nifty is expected to trade within the range of 7500 to 8000 ( Coinciding with the Piercing Line & immediate option congestion). It is recommended adhere to a stock specific approach & be a level based short term trader unless a major pattern is evident.
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Arvind : BUY
Last Close: Rs 280
Target : Rs 300
On the weekly scale the occurrence of 'Bullish Hammer' at retracement support indicates reversal. The stock has been less affected with the ongoing market volatility. Arvind could also be participated for short term with a stop below Rs 265 for an initial target upto Rs 300.
UPL : SELL
Last Close: Rs 493
Target : Rs 460
The corrective wave post the impulse saw a ‘Bearish Engulfing’ occurring at the retracement resistance indicating stiff resistance. Trend line breakdown post the pattern affirms the weakness to continue & hence UPL could be sold with a Rs 510.30 for a Target upto Rs 460.
DLF : SELL
Last Close: 123
Target : 110
DLF has been is a secular downtrend. Mature wedge pattern on the 30 min scale indicates that the stock could resume its downward momentum. DLF could be short sold with a stop above Rs 130 for a pattern target upto Rs 110.
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 the Head - Quantitative Research at Motilal Oswal Securities