 "Motilal Oswal recommends buy on Sun Pharma, IndusInd Bank")
Nifty Outlook
Nifty breaches immediate support level of 8820. Appearance of shooting star on weekly scale and breach of 8820 turns short term positive trend to Neutral. Next support level for Nifty comes at 8640. On higher end resistance is at 9000
SUN PHARMA
Reco: BUY
Last Close: Rs 788
Target : Rs 880
Positive sector outlook & 'Harami formation' on the weekly scale re-confirms the reversal within the oscillating range. Stop loss for the trade would be Rs 775
INDUSIND BANK
Reco: BUY
Last Close: Rs 1203
Target : Rs 1310
Fresh breakout from the 'Flag' formation followed by a 'Rising Three' formation. Stop loss for the trade would be Rs 1165
HAVELLS INDIA
Reco: SELL
Last Close: Rs 410
Target : Rs 390
Dark Cloud Cover on the weekly scale coupled with RSI crossover within the overbought zone. Stop loss for the trade would be Rs 420.
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
