 "Trading strategy")
Nifty Outlook
Nifty ejected from the recent consolidation & could see an immediate movement till 8700; the ongoing up move could witness an extension beyond 8700 in case the momentum remains intact . Only if a decisive close below 8520 is witnessed trading longs shall be reduced. Until then bullish bias remains intact.
SHRIRAM TRANSPORT: BUY
Target : Rs 1380
Stop Loss: Rs 1180
Occurrence of a ‘Bullish Harami’ at lows and pullback to an immediate support at Rs 1200 reconfirms positive bias. We expect stock to resume its bullish momentum & continue its secular up move. Trading longs could be added with a stop at Rs 1180 & a target up to Rs 1380.
PIDILITE: BUY
Target : Rs 820
Stop Loss: Rs 720
‘Breakout from consolidation on the immediate scale re-affirms the strength in the ongoing bullish trend. PIDILITIND could be traded with a stop below Rs 720 with an expectation of a move towards Rs 820.
HAVELLS INDIA: BUY
Target : Rs 410
Stop Loss: Rs 365
Breakout from consolidation and pullback near support augur well for ongoing momentum to continue. Trading longs could be added with a stop at Rs 365 & a target up to Rs 410.
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
