 "Technical picks from Motilal Oswal: Buy TVS Motor, Britannia; Sell Siemens")
Nifty Outlook
The daily chart of Nifty saw formation of a 'Pennant' around the previous breakdown point which is an indication of the resistance being healthy. Immediate support for the index is placed at 8000 below which 7700-7800 could be an immediate movement. Pullback if any will make the reward to risk lucrative for selling with a stop above 8450.
Target : Rs 320
Stop Loss: Rs 240
Breakout from a year long consolidation is well supported with volumes. Pattern indicates a move towards its life high & can be participated with a stop at Rs 240.
BRITANNIA: BUY
Target : Rs 3,700
Stop Loss: Rs 3,030
The recent reversion from the support confirmed the base near Rs 2900. Secular uptrend & continuation pattern formation augurs well for the uptrend to continue. A breach above Rs 3300 would accelerate the momentum & push the stocks towards the pattern target upto Rs 3700. Britannia could be accumulated with a stop below Rs 3030.
SIEMENS: SELL
Target : Rs 1200
Stop Loss: Rs 1380
'Triple Top' formation at the retracement resistance indicates weakness to continue. A breach below Rs 1320 would accelerate the momentum & the stock is expected to remain under pressure. The current setup provides a good reward to risk opportunity to create fresh shorts.
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
The daily chart of Nifty saw formation of a 'Pennant' around the previous breakdown point which is an indication of the resistance being healthy. Immediate support for the index is placed at 8000 below which 7700-7800 could be an immediate movement. Pullback if any will make the reward to risk lucrative for selling with a stop above 8450.
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TVS MOTOR: BUY
Target : Rs 320
Stop Loss: Rs 240
Breakout from a year long consolidation is well supported with volumes. Pattern indicates a move towards its life high & can be participated with a stop at Rs 240.
BRITANNIA: BUY
Target : Rs 3,700
Stop Loss: Rs 3,030
The recent reversion from the support confirmed the base near Rs 2900. Secular uptrend & continuation pattern formation augurs well for the uptrend to continue. A breach above Rs 3300 would accelerate the momentum & push the stocks towards the pattern target upto Rs 3700. Britannia could be accumulated with a stop below Rs 3030.
SIEMENS: SELL
Target : Rs 1200
Stop Loss: Rs 1380
'Triple Top' formation at the retracement resistance indicates weakness to continue. A breach below Rs 1320 would accelerate the momentum & the stock is expected to remain under pressure. The current setup provides a good reward to risk opportunity to create fresh shorts.
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