 "Image via Shutterstock")
Nifty Outlook
Nifty saw a breakout from the ongoing consolidation but ended the day with yet another ‘Doji’ formation. A breach below 8830 could distort the existing momentum & hence servers as a trail stop for longs. While follow up buying above 8890 would amplify the momentum & push nifty towards the upper end of the channel pattern placed near 9100.
HDFC LTD.
Also Read
Reco: BUY
Last Close: 1413
Target : 1460
Multiple reversal patterns at the retracement support augur well for a reversal. We expect the stock to bounce back towards its life high & hence fresh longs could be added with a stop at 1390 for a trading target upto 1460.
AUROPHARMA
Reco: BUY
Last Close: 857.45
Target : 895
Positive sector outlook & breakout from the triangular pattern on the weekly scale. The breakout is well supported with volumes & augurs well for a follow through move towards 895. Trading longs could be further added with a stop below 841.
BEL LTD.
Reco: BUY
Last Close: 1256.35
Target : 1400
Breakout from the continuation pattern on the weekly scale augurs well for momentum. Positional longs could be added with a stop below 1220 for a target upto 1400.
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
