 "Stock picks from Motilal Oswal Securities: Buy Arvind & sell Bata India")
Here are a few trading ideas by Sacchitanand Uttekar of Motilal Oswal Securities:
Nifty Outlook
Post 13th consecutive sessions of up move the index seems to have faced resistance near the retracement zone. The occurrence of a long bear candle coupled with the RSI's proximity towards the overbought zone warrants caution. The index could witness termination near this resistance zone of 8,400-8,450 & a corrective wave could follow in the coming week. Hence we recommend reducing leveraged longs & deploying adequate hedge for a while.
ARVIND
Reco: BUY
Last Close: 374.45
Target : 390
Arvind saw a breakout from a triangular consolidation with volumes. The follow up momentum could extend the up move to extend towards 390. Hence trading longs should be maintained with a stop below 365.
EXIDE INDUSTRIES
Reco: SELL
Last Close: 185
Target : 172
Bearish sector outlook for the weak & a 'Double Top' formation on the daily scale augurs well for fresh shorts. Exide could be short sold with a stop above 188 for a target upto 172.
BATA INDIA LTD.
Reco: SELL
Last Close: 476
Target : 460
Occurrence of a 'Gravestone Doji' post a sharp up move highlights exhaustion. The long shadow indicates that the buying pressure was overpowered by the sellers & a quick throwback could be expected. Trading short could be initiated in Bata India Ltd. with a stop above 485 & a target upto 460.
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.
Nifty Outlook
Post 13th consecutive sessions of up move the index seems to have faced resistance near the retracement zone. The occurrence of a long bear candle coupled with the RSI's proximity towards the overbought zone warrants caution. The index could witness termination near this resistance zone of 8,400-8,450 & a corrective wave could follow in the coming week. Hence we recommend reducing leveraged longs & deploying adequate hedge for a while.
Also Read
Reco: BUY
Last Close: 374.45
Target : 390
Arvind saw a breakout from a triangular consolidation with volumes. The follow up momentum could extend the up move to extend towards 390. Hence trading longs should be maintained with a stop below 365.
EXIDE INDUSTRIES
Reco: SELL
Last Close: 185
Target : 172
Bearish sector outlook for the weak & a 'Double Top' formation on the daily scale augurs well for fresh shorts. Exide could be short sold with a stop above 188 for a target upto 172.
BATA INDIA LTD.
Reco: SELL
Last Close: 476
Target : 460
Occurrence of a 'Gravestone Doji' post a sharp up move highlights exhaustion. The long shadow indicates that the buying pressure was overpowered by the sellers & a quick throwback could be expected. Trading short could be initiated in Bata India Ltd. with a stop above 485 & a target upto 460.
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.
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