 "Trading strategy")
Here are a few trading strategies from Sacchitanand Uttekar of Motilal Oswal for trade today:
Nifty Outlook
Fresh breakout from the continuation pattern on the daily scale along with the trend strength indicator ADX (20) quoting above 21 raises the expectation of the ongoing uptrend towards 8800. A breach below 8580 shall be considered as the first sign of cooling of momentum & hence serves as a trail stop for fresh longs.
M&M: BUY
Target : Rs 1650
Stop Loss: Rs 1430
M&M have given breakout from monthly consolidation. One can participate on Long side with stop loss at Rs 1430 and target of Rs 1650
EMAMI: BUY
Target : Rs 1360
Stop Loss: Rs 1080
‘Mature continuation pattern on the weekly scale. EMAMI could be traded with a stop below Rs 1080 with an expectation of a move towards Rs 1360.
RELIANCE INDUSTRIES: BUY
Target : Rs 1060
Stop Loss: Rs 1010
Reversal from the 200 EMA supported with 'Morning Star' formation. RELIANCE could be traded with a stop below Rs 1010 with an expectation of a move towards Rs 1060.
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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities
