Buy HDFC Bank, Britannia; sell TVS Motor: Motilal Oswal

Here are a few trading ideas from Sacchitanand Uttekar of Motilal Oswal for trade today

Nifty Outlook

Nifty remained in sync with the global markets as it jumped back towards 8500. It still remains within the limits of the channel pattern but lacks signs of a strong reversal. The placement of the RSI indicates some room for its ongoing move. The immediate requisite would be a consecutive close above the pivotal of 8520 which could turn the tables and acts as a crucial revival level for longs. Only a breach outside the range (8630-8400) could see a decisive directional move, until which, expect the gyration to continue.

 

HDFC BANK

Reco:  BUY

Last Close: Rs 1249

Target : Rs 1340

 

Occurrence of multiple bullish hammers re-confirm the strength of the support near 1220. A sustained move above 1260 would activate the bullish implication of the pattern. Momentum traders could resort to longs above 1260 with a stop below 1220 for an initial target up to 1340.

 

BRITANNIA

Reco: BUY

Last Close: Rs 3302

Target : Rs 3460

 

Mature continuation on the weekly scale supported with ‘Bullish Hammer formation raises the expectation of an intermediate support. Britannia could be accumulated with a stop at 3210.

 

TVS MOTOR

Reco: SELL

Last Close: Rs 391

Target : Rs 378


‘Engulfing Bearish’ formation on the weekly scale augurs well for a temporary correction within the ongoing up trend. Momentum traders could utilize this opportunity to create fresh shorts with a stop above 397 for an immediate target upto 378.

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.

Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities