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Nifty Outlook
Occurrence of 'Doji' post the pullback reaffirms the immediate movement to remain capped. The momentum indicator RSI also saw a pullback during the week & now seems resuming its movement towards the oversold zone. The overall setup reveals the upside to remain capped during the truncated week at 8830 while the lower base could be around 8550. Momentum traders could continue their shorts with a stop at 8830.
ITC
Also Read
Reco: BUY
Last Close: 241.50
Target : 255
Occurrence of a 'Bullish Harami' near the lower range of the channel along with its RSI approaching its oversold zone. ITC is also quoting near its 200 days .The setup provides a good reward to risk opportunity for short term longs with a stop below 230 & an initial target upto 255.
IGL
Reco: BUY
Last Close: 867
Target : 930
Breakout from the continuation pattern augurs well for the secular up move to remain intact. Stock can be participated on long side with stop loss placed at 822 and target of 930
BHARTIARTL
Reco: SELL
Last Close: 317.30
Target : 290
'Falling Three' on the weekly scale indicates downtrend to remain intact. Pullback within the pattern provides a good reward to risk opportunity to add shorts with a stop at 330 & a trading target up to 290.
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
