Nifty Outlook
Nifty filled the gap which it left around 7600 & ended the session marginally above it. A sustained breach above 7800 would be a requisite for the momentum to remain intact. As the momentum oscillator is inching towards the overbought zone, a trail stop strategy should be adhered from hereon. Hence a close below 7600 could mark the beginning of a pullback /corrective move.
IGL: BUY
Target : Rs 630
Stop Loss: Rs 530
The recent breakout from the continuation pattern augurs well for the secular uptrend to remain intact. Indraprastha Gas ltd should be bought with a stop at Rs 530 for a pattern target upto Rs 630.
UPL: BUY
Target : Rs 495
Stop Loss: Rs 435
Breakout from a continuation pattern on the daily scale indicates momentum to continue. UPL could be traded with a stop at Rs 435 for an immediate target upto Rs 495.
ZEEL : SELL
Target : Rs 370
Stop Loss: Rs 395
Double top formation on the daily scale is getting affirmed. We expect Zee to continue its declining trend & revisit its trading swing low near Rs 370. Short positions could be initiated in ZEE Ltd. With a stop at Rs 395.
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
