Nifty Outlook
Nifty remains confined within the trading range of 8720-8520. Proximity towards the lower side of the range provides a good reward to risk opportunity for fresh longs. We expect Nifty to continue its mean reversion within the 8520-8720 band for a while. Only a breach below 8520 (Nifty Spot) shall be considered as the first sign of cooling of momentum & hence serves as a trail stop for fresh longs.
TECH MAHINDRA
Reco: BUY
Last Close: 499
Target : 550
Breakout from the ‘Falling Channel’ on the intraday scale augurs well for the reversal to remain intact. Trading longs could be initiated now with a stop below 485 for a target upto 550.
JSW STEEL
Reco: BUY
Last Close: 1710
Target : 1800
Occurrence of a 'Rising Three' formation coupled with the ‘Hammer’ raises expectation of the secular up move to continue. Traders could participate the expected up move with a stop below 1670 & Target upto 1800.
EMAMI
Reco: BUY
Last Close: 1162
Target : 1360
Mature continuation pattern on the weekly scale augurs well for the sequential trend to continue. We expect the stock to continue its steady up move till 1360 & hence the stock could be accumulated with a stop below 1080.
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
