Buy L&T, Hero MotoCorp, Godrej Properties: Motilal Oswal

Here are a few trading calls from Sacchitanand Uttekar, Equity Technical Analyst, Motilal Oswal Securities for trade today:

Nifty Outlook

 
Weekly channel pattern indicates a target up to 8700 while a breach above the same could extend the momentum. Nifty is yet to witness any exhaustion of the ongoing bullish trend. The sequence of higher highs is expected to continue as the trend strength indicator (RSI) has no traces of any divergence despite being in the overbought zone. Hence the odds remains in favor of the bulls & the ongoing momentum could halt only on a breach below 8420 on a closing basis.

 

L&T: BUY

Target : Rs 1710

Stop Loss: Rs 1530

 

Positive sector outlook & mature 'Pennant' formation augurs well for the ongoing bullish momentum to remain intact. A decisive breach at 1400 confirmed & activated the 'Rounding' formation. The pattern indicates a target upto Rs 1710. The ongoing momentum could be participated with a trading stop below Rs 1530

 

HERO MOTOCORP: BUY

Target : Rs 3480

Stop Loss: Rs 3180

 

Positive sector outlook & the ‘Rounding’ formation on the intermediate scale augurs well for the uptrend to continue. A decisive breach above 3300 would activate 'Rounding 'pattern target. Hence the stock could be accumulated on at every opportunity with a revised stop below Rs 3180 for an initial up move till Rs 3300 followed by an extended target up to Rs 3480.

 
GODREJ PROPERTIES: BUY

Target : Rs 415

Stop Loss: Rs 350
 

Flag formation is well supported with volumes. We expect momentum to resume above Rs 370. Godrejprop could be traded with a stop below Rs 350 for a pattern target upto Rs 415.


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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities