 "Top trading calls from Motilal Oswal: BHEL, HPCL, TVS Motors")
Nifty Outlook
Nifty is now tied within the immediate band of 7800 to 8000 ; awaiting an impulse move which will trigger fresh momentum. The reversion of momentum indicator form its oversold zone augurs well for the ongoing pullback.
TVS MOTORS: BUY
Last Close: Rs 307
Target: Rs 330
Strong Uptrend & fresh breakout from a continuation pattern on the immediate term scale indicates a price target upto Rs 330. The current setup provides a good risk reward opportunity for short term longs with a stop Loss at Rs 298.
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HPCL: BUY
Last Close: Rs 838
Target : Rs 990
'Bullish Hammer' confirms the long term support & the secular uptrend to stay intact. We expect the OMC basket to continue its relative outperformance. HPCL could be accumulated with a stop Loss at Rs 780 for an initial target upto Rs 990.
BHEL: SELL
Last Close: Rs 175
Target : Rs 160
Fresh breakdown from a continuation pattern indicates weakness to continue. BHEL could be traded with a stop Loss above Rs 180 for an initial target upto Rs 160.
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Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities