Nifty must hold above 9,350 to extend its up move towards 9,400: MOSL

Here are a few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:
 
Nifty Outlook:
 
Nifty index remained in a narrow range and closed with the marginal loss of around 10 points on the last trading sessions of April series. It seems to taking a pause after a swift rally of 250 points in last three sessions but major trend of the market is still positive as it is making higher lows. Now it has to hold above 9,350 to extend its up move towards 9,400-9,420 while on the downside multiple support are seen at 9,280 and 9,250.

 

Stocks:
 
MUTHOOT FINANCE
Reco: BUY
Last Close: Rs 400
Stop Loss: Rs 388
Target: Rs 425
 
'Muthoot Fin is in a strong uptrend. Price seems to be bouncing off its rising trend line. Price decline from the high at 420 is on very low volumes and thus seems to be a 'flag' pattern. This is a continuation pattern and suggests higher prices.
 
POWERGRID
Reco: BUY
Last Close: Rs 207
Stop Loss: Rs 203.50
Target: Rs 215
 
Taken multiple support at 204 and forming a pole and Flag pattern on daily chart which has a bullish implication to continue its next momentum.

 
KOTAK MAHINDRA BANK
Reco: BUY
Last Close: Rs 916
Stop Loss: Rs 885
Target: Rs 965
 
It has given the highest daily close near to its life time high zone. It has recently given a consolidation breakout above 900 after the accumulation of last three weeks.
 
Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.