Buy Shriram Transport Finance, HDFC, Hero MotoCorp: Motilal Oswal

Here a few technical calls from Sacchitanand Uttekar of Motilal Oswal

Nifty Outlook


Nifty ejected from the recent consolidation & could see an immediate movement till 8700; the ongoing up move could witness an extension beyond 8700 in case the momentum remains intact . Only if a decisive close below 8520 is witnessed trading longs shall be reduced. Until then bullish bias remains intact.

 

SHRIRAM TRANSPORT FINANCE: BUY

Target : Rs 1380

Stop Loss: Rs 1140

 

Occurrence of a ‘Bullish Harami’ re-confirms the immediate support at Rs 1150. We expect stock to resume its bullish momentum & continue its secular up move. Trading longs could be added with a stop at Rs 1140 & a target up to Rs 1360.

 

HDFC: BUY

Target : Rs 1460

Stop Loss: Rs 1350

 

‘Rising Three’ candlestick formation on the immediate scale re-affirms the strength in the ongoing bullish trend. HDFC could be traded with a stop below Rs 1350 with an expectation of a move towards Rs 1460.

 

HERO MOTOCORP: BUY

Target : Rs 3480

Stop Loss: Rs 3200

 

Positive sector outlook & the ‘Rounding’ formation on the intermediate scale augurs well for the uptrend to continue. A decisive breach above Rs 3300 would activate 'Rounding 'pattern target. Hence the stock could be accumulated on at every opportunity with a revised stop below Rs 3200 for an initial up move till Rs 3300 followed by an extended target up to Rs 3480.

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