Technical calls for today's session by Sacchitanand Uttekar of MOSL

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at MOSL

Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:

Nifty Outlook

Nifty surged in the final hour of trade as it reclaimed 8100. On the 60 min scale the index is forming a ‘Rising Wedge’ pattern with the momentum oscillators placed in the overbought zone. The bearish implication of the pattern would unfold only on a breach below 8070. While the upper end of the pattern rests near 8140. As the broader trend remains weak the ongoing pullback provides a good opportunity for fresh shorts.

TECH MAHINDRA

Reco: BUY

Last Close: Rs 482.50

Target: Rs 524

Ongoing consolidation on the daily scale is about to mature. The stock has managed to close on a decisive note above its 200-DEMA. Long positions could be initiated for a target upto Rs 524 with a stop below Rs 463.

BIOCON

Reco: SELL

Last Close: Rs 946

Target: Rs 880

‘Bearish Engulfing’ on the weekly scale indicates the upside to remain capped & weakness to persist in the coming weeks. The ongoing pullback provides a good reward to risk opportunity for fresh shorts with a stop above 965.

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.

Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities.