 "Trading strategies from Motilal Oswal Securities")
Nifty Outlook
During the current up move from 7250 Nifty did not witness a close below its previous days low which supported the recent momentum. A breach below 7400 would distort this ongoing sequence, which could stall the momentum & hence serves as a trailing stop for short term traders.
AXIS BANK: BUY
Last Close: Rs 413
Target : Rs 465
Stop Loss: Rs 400
Multiple reversal patterns confirm the support at Rs 380. Axis Bank rebounded from the said support & has been attracting momentum. A breach above Rs 425 could further accelerate the momentum & hence further longs could be added with a medium term perspective & a stop at Rs 400 for an overall target upto Rs 465.
HEROMOTO CORP: BUY
Last Close: Rs 2812
Target : Rs 3320
Stop Loss: Rs 2640
Breakout from a triangular pattern indicates directional move in the offing. We expect the stock to resume its secular uptrend & revisit its life high level. Hero Moto Corp could be participated with a stop at Rs 2640 & a target upto Rs 3320
PIDILITE INDS: BUY
Last Close: Rs 602
Target : Rs 660
Stop Loss: Rs 588
Pidilite Inds. saw & breakout from the yearlong consolidation. The pullback provides a good reward to risk opportunity to add further longs. The occurrence of a ‘Bullish Harami’ on the immediate scale confirms the end of the pullback. Hence the stock could be participated with a stop at Rs 588 for a pattern target upto Rs 660.
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
