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Nifty Outlook
Nifty remains consolidative with immediate support at 7000 and resistance around 7250. The momentum indicator has retested the negative extreme hence raises the odds with a medium term perspective in favor of bulls. However, the price action will confirm the same only on a move above 7250.
AXIS BANK
Reco: BUY
Last Close: Rs 398
Target : Rs 440
‘Bullish Harami’ post the ‘Hammer’ candlestick pattern reconfirmed the strength in the medium term support. Its 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 Rs 370 & an initial target upto Rs 440.
PIDILITE IND.
Reco: BUY
Last Close: Rs 638
Target : Rs 710
Pidilite Inds. saw a breakout from the yearlong consolidation & the follow through move has been attracting momentum. We expect the momentum to amplify & hence the ongoing momentum could still be participated with a stop below Rs 605 & a target upto Rs 710.
ALLAHABAD BANK
Reco: SELL
Last Close: Rs 45
Target : Rs 32
Allahabad bank has been trending down & the mature continuation pattern indicates the weakness to persist. Allahabad bank could be sold short with a stop at Rs 49.50 & a pattern target upto Rs 32.
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
