Top trading calls by Sacchitanand Uttekar of Motilal Oswal

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at MOSL

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:

Nifty Outlook

Final lap for the year proved beneficial as Nifty regained its strength and reclaimed 8,100. The Occurrence of the ‘Bullish Engulfing’ formation near the critical support zone confirms the strength in the support and raises expectation of a pullback towards 8,350-8,450. Any negation of the pattern would prove detrimental and result into a sharp reversal. Hence, 7,900 remains a critical level for the coming months ahead.

POWER GRID

Reco: BUY

Last Close: Rs 183.65

Target: Rs 195

Positive sector outlook and mature continuation pattern augurs well for uptrend to continue. Trading longs could be considered with a stop below Rs 181 for sequential targets of Rs 195-213.

INDO COUNT INDUSTRIES

Reco: BUY

Last Close: Rs 169.75

Target: Rs 188

Breakout from the cup and handle formation is well supported with volumes. Trading longs could be initiated with a stop below Rs 162 for a target upto Rs 188.

BIOCON

Reco: SELL

Last Close: Rs 957

Target: Rs 900

‘Bearish Engulfing’ on the weekly scale indicates the upside to remain capped and weakness to persist in the coming weeks. The ongoing pullback provides a good reward to risk opportunity for fresh shorts with a stop above Rs 975.

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.