Technical picks from Motilal Oswal: Buy BPCL, PVR; Sell NTPC

Here are a few stock recommendations from Motilal Oswal Securities

Nifty has been oscillating within the immediate trading band of 8200-8100 & a breach above 8200 would unleash fresh momentum. Though some Indicators are gradually moving towards over-bought but there is no sign of a reversal yet on the absolute scale. Hence till that happens some more up move cannot be ruled out.

 
BPCL: BUY

Target : Rs 940

Stop Loss: Rs 870

Secular Uptrend on the long term scale. Spike re-confirmed the support near the lower end of the channel. Recent breakout from the consolidation could be participated with a stop below 870 for a Target upto 940.

 

PVR: BUY

Target : Rs 930

Stop Loss: Rs 810

 

Secular uptrend on the long term scale & the mature consolidation on the intermediate scale indicates the uptrend to stay intact. The setup provides a good reward to risk opportunity to add longs with a stop below Rs 810 for a target upto Rs 930.

 

NTPC: SELL

Target : Rs 112

Stop Loss: Rs 131
 

Breakdown from the Wedge pattern augurs well for the downtrend to remain intact. NTPC could be short sold with a stop above Rs 131 for a pattern target of Rs 112.

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Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities