Stock picks from Motilal Oswal Securities; buy ACC, Petronet LNG

Here are a few trading ideas from Shubham Agarwal of Motilal Oswal Securities:

NIFTY OUTLOOK

‘Doji’ at the upper end of the weekly channel signifies a ‘No Man’s Land’ situation near 8,000. A sustained breach above 8000 could reinstate momentum & push it towards 8300. Only a breach below ‘Run Away Gap’ would stall the ongoing bullish trend. Short term traders could continue their longs in Nifty with stop placed at 7,740.

ACC (May Futures)
Reco: BUY
Last Close: Rs 1,455
Target: Rs 1,550

Positive sector outlook along with significant volumes and rising price indicates momentum to accelerate in the coming weeks. Pull back to support point provides good opportunity to go long. ACC could be accumulated with a stop at Rs 1,410 for a potential pattern target up to Rs 1,550.
 
PETRONET LNG (May Futures)
Reco: Buy
Last Close: Rs 261
Target: Rs 300

Breakout from the immediate consolidation with significant volumes. The breakout is now followed by the ‘Rising Three’ formation indicating the uptrend to remain intact. Petronet LNG could be accumulated for a target upto Rs 300 with a stop at Rs 252.

GODREJ CONSUMER PRODUCTS (May Futures)
Reco: Sell
Last Close: Rs 1,339
Target: Rs 1,250

Post consolidation stock gave a breakdown with significant volumes. Negative sector outlook along with falling momentum provides opportunity for fresh shorts with a stop above Rs 1,380 for a target up to Rs 1,250.

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