Trading ideas by Sacchitanand Uttekar of MOSL

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at MOSL:
 
Nifty Outlook:
 
Nifty commenced the week on positive note & maintained its gap up opening throughout the day.  Though there have been multiple narrow ranged bodies but none of them displays sign of exhaustion. Hence we expect the ongoing momentum to extend towards 8860 in the coming sessions. A sustained breach below the 8720 gap support would indicate loss in momentum & serves as a trail stop level for momentum longs.
 

Stocks:
 
PETRONET LNG
Reco: BUY
Last Close: 387
Target: 430

 
Positive sector outlook & the recent breakout from the triangle formation was well supported with volumes. The current decline provides a good reward to risk opportunity for trading longs. A stop can be placed below 377 for an initial target up to 430.
 
JAIN IRRIGATION
Reco: BUY
Last Close: 96.80
Target: 103
 
Breakout from the Inverse Head & Shoulder formation on the daily scale augurs well for the positive trend to remain firm. Trading longs could be considered with a stop below 93.50 for a pattern target upto 103.
 
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.