Motilal Oswal recommends buy on M&M, Emami, Reliance Industries

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


Nifty Outlook

 

Fresh breakout from the continuation pattern on the daily scale along with the trend strength indicator ADX (20) quoting above 21 raises the expectation of the ongoing uptrend towards 8800. A breach below 8580 shall be considered as the first sign of cooling of momentum & hence serves as a trail stop for fresh longs.


M&M: BUY


Target : Rs 1650

Stop Loss: Rs 1430
 

M&M have given breakout from monthly consolidation. One can participate on Long side with stop loss at Rs 1430  and target of Rs 1650

 

EMAMI: BUY

Target : Rs 1360

Stop Loss: Rs 1080

 
‘Mature continuation pattern on the weekly scale. EMAMI could be traded with a stop below Rs 1080 with an expectation of a move towards Rs 1360.

 

RELIANCE INDUSTRIES: BUY

Target : Rs 1060

Stop Loss: Rs 1010

 

Reversal from the 200 EMA supported with 'Morning Star' formation. RELIANCE could be traded with a stop below Rs 1010 with an expectation of a move towards Rs 1060.

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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities