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Here are a few trading ideas from Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities:
Nifty Outlook
Nifty saw a good recovery on the final session of the October series. The occurrence of a ‘Bullish Hammer’ at the retracement support raises the expectation of a move beyond the channel pattern. A breach above 8730 from hereon could amplify the momentum. Hence longs could be initiated with a stop below 8540.
DIVISLAB
Reco: BUY
Last Close: 1276
Target : 1340
Positive sector outlook & 'Bullish Harami' on the weekly scale augurs well for the secular uptrend to remain intact. The setup provides a good reward to risk opportunity to add longs. Divislab could be traded with a stop below 1240 for an initial target up to 1340.
SUN TV
Reco: BUY
Last Close: 535
Target : 590
‘Rising Three’ formation on the weekly scale augurs well for the uptrend to continue. Declines if any could be utilized to add longs with a stop below 510 for an initial trading target upto 575 followed by 590.
TCS
Reco: BUY
Last Close: 2418
Target : 2570
'Bullish Engulfing’ reconfirmed the support near 2300 & supports the Double Bottom formation. A breach above 2450 could amplify the momentum & hence longs could be added with a stop at 2320 for a positional target upto 2570.
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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities
