 "Top stock picks for Friday's session From Motilal Oswal")
Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
Nifty Outlook
Nifty continued to drift for the 7th consecutive session, momentum amplified as 8,100 was breached with a gap. The momentum indicator RSI is quoting at 35 and is yet to witness an oversold situation. Hence, a follow through move below 7,950 could be seen as an immediate movement towards 7,840. On the flipside, 8,140 remains a critical resistance for the coming week of expiry and could be maintained as a stop for trading positions.
MINDTREE
Reco: BUY
Last Close: 495
Target: 560
More From This Section
A mature continuation pattern on the daily scale augurs well for the ongoing bullish trend to remain intact and extend its rally towards its 200-DEMA placed near Rs 560. A breach above Rs 515 could attract momentum and hence longs could be considered with a stop below Rs 475.
POWER GRID
Reco: BUY
Last Close: 181.75
Target: 195
Ongoing consolidation now seems mature as daily RSI is about to converge the trigger line above Rs 50. A breach above Rs 186 could trigger bullish momentum and hence longs could be initiated with a stop below Rs 180 for a trading target upto Rs 195.
LIC HOUSING FINANCE
Reco: SELL
Last Close: 541.50
Target: 520
‘Bearish Engulfing’ on the weekly scale indicates the upside to remain capped & weakness to persist in the coming week. Pullback if any towards 545 should be utilized to create shorts with a stop at 555 & a trading target upto Rs 520.
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.