 "Stock picks from Motilal Oswal Securities")
Nifty Outlook
Nifty saw a rebound from the immediate support near 7350 in the last week. The occurrence of a 'Spinning Top' candlestick pattern at the 61.8% retracement re-assured the strength in the support. Nifty is in close proximity to its immediate support & only a sustained breach below the same could void the setup, else it could remain gyrating within the 7600-7350. A breach only above 7600 could accelerate the positive momentum.
AXIS BANK
Reco: BUY
Last Close: Rs 408
Target : Rs 460
‘Bullish Hammer’ post the ‘Morning Star’ candlestick pattern reconfirmed the strength in the medium term support. Positive sector outlook & its the proximity towards the medium term support provides a good reward to risk opportunity to create portfolio longs. Traders could also participate with a stop loss at 380 & an initial target upto 460.
Pidilite Industries
Reco: BUY
Last Close: Rs 600
Target : Rs 660
Breakout from a yearlong consolidation with rising volumes indicates strong directional move in the offing. Pidilite Industries could be participated with a stop at 567 & a target upto 660.
JUST DIAL
Reco: SELL
Last Close: Rs 525
Target : Rs 480
Mature continuation pattern on the daily scale augurs well for the weakness to continue. A breach below 515 could amplify the bearish momentum & hence Just dial could be short sold with a stop at 546.50 & a pattern target upto 480
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.Motilal Oswal Securities Limited is registered under SEBI (Research Analysts) Regulation 2014 SEBI Registration No :-INH000000412. MOSL or its associate might be involved in market making for the subject company or have potential conflict of interest.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities
