Technical calls from MOSL: Buy Arvind and ONGC

Here are a few trading ideas by Sacchitanand Uttekar of Motilal Oswal Securities

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

 

Nifty Outlook

 

Despite of registering a faster retraced up move the index witnessed a ‘Doji’ formation on the weekly scale. The index has managed to maintain its bullish sequence but a consistent close above 8310 (High of the Weekly Doji) would reinstate the bullish momentum. On the flip side only a breach below 8130 (Low of Weekly Spinning Top) would negate the setup & remains a vital stop for trading longs. 

 

ARVIND

Reco: BUY

Last Close: 359.50

Target: 390

 

Arvind saw a breakout from a triangular consolidation with volumes. The pattern indicates the up move to extend towards 390. Hence trading longs could be considered with a stop below 354.

 

ONGC

Reco: BUY

Last Close: 198

Target: 222

 

ONGC witnessed a strong rebound post the ‘Doji’ formation reconfirming the strength in the weekly support & the ongoing up move. We expect the stock to rise towards its 'Rounding' pattern target placed at 222. Declines provide a decent reward to risk opportunity for longs with a stop below 191.

 

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.