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Nifty Outlook
Nifty is now tied within the immediate band of 7800 to 8000 ; awaiting an impulse move which will trigger fresh momentum. The reversion of momentum indicator form its oversold zone augurs well for the ongoing pullback.
TVS MOTORS: BUY
Last Close: Rs 307
Target: Rs 330
Strong Uptrend & fresh breakout from a continuation pattern on the immediate term scale indicates a price target upto Rs 330. The current setup provides a good risk reward opportunity for short term longs with a stop Loss at Rs 298.
HPCL: BUY
Last Close: Rs 838
Target : Rs 990
'Bullish Hammer' confirms the long term support & the secular uptrend to stay intact. We expect the OMC basket to continue its relative outperformance. HPCL could be accumulated with a stop Loss at Rs 780 for an initial target upto Rs 990.
BHEL: SELL
Last Close: Rs 175
Target : Rs 160
Fresh breakdown from a continuation pattern indicates weakness to continue. BHEL could be traded with a stop Loss above Rs 180 for an initial target upto Rs 160.
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.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities
