 "Trading strategy")
Here are a few trading calls from Sacchitanand Uttekar, Equity Technical Analyst, Motilal Oswal Securities for trade today:
Nifty Outlook
Nifty saw a strong recovery form the low of the weekly ‘Spinning Top’ formation. For the ongoing momentum to sustain, follow up buying above 8320 is desired unless that happens, risk of a failure remains high. Post a follow-up confirmation the Nifty could witness an immediate move towards 8450. Immediate support for the index is now placed around 8130.
BPCL: BUY
Target : Rs 1120
Stop Loss: Rs 1045
Breakout from the ‘Pennant’ formation on the immediate scale augurs well for uptrend to continue. A breach above 1030 confirmed the momentum & a move towards its pattern target has commenced .BPCL could still be traded with a stop at Rs 1045 for a pattern target up to Rs 1120.
BAJAJ AUTO: BUY
Target : Rs 2780
Stop Loss: Rs 2630
Positive sector outlook & 'Rising Three' formation indicates the bullish trend to remain intact. Bajaj Auto could be traded with a stop at Rs 2630 & a trading target up to Rs 2780.
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
