Motilal Oswal recommends buy on Hero MotoCorp, Grasim

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


Nifty Outlook


Nifty post consolidating in the tight band of  8450-8250, gave a breakout on upper side. The momentum indicator RSI is yet to register an overbought situation thus ideal for uptrend to continue. Sustained move above 8450 could propel directional momentum towards 8700.
 

HERO MOTOCORP: BUY

Target : Rs  3480

Stop Loss: Rs 3020

 
Positive sector outlook & 'Rising Three' pattern augur 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 3020 for an initial up move till Rs 3300 followed by an extended target up to Rs 3480.

 

GRASIM: BUY

Target : Rs 4720

Stop Loss: Rs 4470
 

Positive sector outlook & 'Rising Three' formation indicates the continuation of the ongoing bullish trend. Grasim could be accumulated upto Rs 4500 traded with a stop below Rs 4470 & a trading target up to Rs 4720.

 

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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities