Nifty outlook and top stock picks from Motilal Oswal Securities

Nifty outlook and stock picks from Chandan Taparia, Derivatives & Technical Analyst, Motilal Oswal Securities:

 

Nifty Outlook:

 

Nifty index continued its positive momentum and headed towards 10759 levels. It has formed a Bullish Candle on the daily chart which indicates that bulls are holding the tight grip on the market. It is forming higher highs – higher lows on daily scale from last three trading sessions which indicates that supports are gradually shifting higher. Now it has to continue to hold above 10680 zones to extend its move towards 10800 then 10830 zones while on the decline supports are seen at 10638 then 10580 levels.

 

Stocks:

 

ASIAN PAINTS

Reco: BUY

Last Close: Rs 1,201

Stop Loss: Rs 1,181

Target: Rs 1,240

 

Channel breakout and formation of higher top – higher bottom on weekly scale

 

IRB

Reco: BUY

Last Close: Rs 281

Stop Loss: Rs 273

Target: Rs 298

 

Retested previous support zones and given a fresh momentum to start the fresh up move

 

MCDOWELL

Reco: BUY

Last Close: Rs 3622

Stop Loss: Rs 3550

Target: Rs 3770

 

Higher top – higher bottom and respecting to its rising support trend line

 

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.