ALSO READBuy Petronet and DHFL, says Chandan Taparia of Motilal Oswal Stock pics for today's session by Chandan Taparia of MOSL Nifty outlook and stock picks from Motilal Oswal Securities Top stock picks from Chandan Taparia of MOSL: Buy IOC, JSW Steel Nifty outlook and stock picks from Chandan Taparia at MOSL
Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:
Nifty index surpassed its previous life time high of 9,709 and registered a new record high of 9,782. It formed a strong Bullish candle on the Daily chart and given the breakout from its right angle triangle pattern. Index closed with the decent gains of more than 100 points even after the technical issue at NSE platform. Now it has to continue to hold above 9,700 zones to extend its up move towards 9,850 and higher levels while on the downside supports are seen at 9,650 mark. Index continued its formation of higher lows for sixth consecutive sessions and till this formation doesn’t negate market is likely to cherish the bullish sentiment.
AMARA RAJA BATTERY - BUY
Last Close: Rs 866
Stop Loss: Rs 848
Target: Rs 910
It formed a strong reversal pattern as it turned from multiple support zones and managed to close above 854 which is a double bottom on the daily chart. On the weekly scale it formed a bullish engulfing pattern after the Doji candles in last two weeks which has a bullish implication.
PETRONET LNG - BUY
Last Close: Rs 220
Stop Loss: Rs 214
Target: Rs 231
It has taken support at the lower band of the consolidation band 210-230 post its merger price. It also formed a hammer candle on the weekly chart at the support area so could retest upper band of the range.
INDUSIND BANK - BUY
Last Close: Rs 1,560
Stop Loss: Rs 1,530
Target: Rs 1,620
It has given the second highest daily close and surpassed its falling supply trend line above 1500 zone. Major trend of the stock is up and recent consolidation is providing the fresh opportunity for an upside momentum.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.