 "Stock picks from Shubham Agarwal of Motilal Oswal Research")
Nifty Outlook
Breakout from the wedge formation concluded the termination of the corrective move. The pattern confirmed the support at 7700 & the rebound reassured the uptrend to remain firm. A breach only below Rs 7,700 would distort the ongoing bullish trend & hence servers as a trail stop for longs. The weekly formation compliments the existing bullish setup & augurs well for longs with an expectation of a breach above Rs 8,000.
Reco: BUY
Last Close: Rs 2,900
Target : Rs 3,160
Also Read
Positive sector outlook & rebound from the immediate support. Occurrence of a 'Bullish Hammer' re-confirmed the support zone. Stock could be accumulated with a stop below 2880 with an expectation of a move back towards Rs 3,160.
Reco: BUY
Last Close: Rs 489
Target : Rs 520
Mature consolidation on the immediate scale . A breach above Rs 491 would propel the stock beyond its 200 days EMA. Short term traders could participate the move with a stop below Rs 475 for an initial target upto Rs 520.
Reco: BUY
Last Close: Rs 1,119
Target : Rs 1,360
Positive sector outlook. Emami saw a breakout from its consolidation with significant volumes. We expect the stock to revisit its life time high level near Rs 1,360 & hence it could be accumulated with stop below Rs 1,020.
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.
Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities
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