 "Trading strategy")
Nifty Outlook
Nifty displayed a strong resilience during the week as it maintained its tail above 8600. The index is likely to breach from the ongoing contracting range in the coming sessions. A decisive close above 8750 from hereon would amplify the bullish momentum, therefore further positions could be added with a stop below 8560.
INDUSIND BANK: BUY
Target : Rs 1255
Stop Loss: Rs 1168
Mature continuation pattern on the daily scale augurs well for the secular uptrend to continue. Trading longs could be added with a stop below Rs 1168 for a pattern target up to Rs 1255.
KPIT TECHNOLOGIES: BUY
Target : Rs 155
Stop Loss: Rs 123
Breakout from a Falling Wedge formation on the daily scale coupled with a positive divergence on the RSI. The stock seems ready for a strong bounce back which could traded with a stop below Rs 123 & an initial target up to Rs 155.
EMAMI: BUY
Target : Rs 1360
Stop Loss: Rs 1110
Breakout from the continuation pattern on the weekly scale augurs well for the sequential trend to continue. Declines if any within the ongoing uptrend will provide a good opportunity to add longs. We expect the stock to continue its steady up move till Rs 1360 & hence the stock could be accumulated with a stop below Rs 1110.
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
