ALSO READDerivative strategy on Nifty by Sacchitanand Uttekar of Motilal Oswal Buy, sell ideas from Sacchitanand Uttekar of Motilal Oswal Three buy ideas from Sacchitanand Uttekar of MOSL for today's trade Top trading calls by Sacchitanand Uttekar of Motilal Oswal Derivative strategy on Bank Nifty by Sacchitanand Uttekar of MOSL
Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
Nifty continued its up move for the 13th consecutive session as it closed above 8,400. Though on the daily scale there are no signs of weakness but on the intraday 30 min scale the developing negative divergence on the RSI warrants caution. The index could witness termination near the likely resistance zone of 8,400-8,450 & witness a corrective wave. Hence we recommend to reduce leveraged longs & deploy adequate hedge for a while.
Last Close: 339
Occurrence of ‘Bearish Engulfing’ pattern followed by the ’Spinning’ formation indicates exhaustion of the ongoing up move. A breach below 335 would amplify the momentum & push the stock lower towards 320. Trading shorts could be deployed with a stop above 345.30.
Last Close: 199
ONGC witnessed a strong rebound post the ‘Doji’ formation reconfirming the strength in the weekly support. The recent pullback provides a good opportunity to add longs. We expect the stock to outperform in the current market scenario. The recent declines provide a decent reward to risk opportunity for longs with a stop below 191.
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.