 "Technical picks from Motilal Oswal: Buy Infosys; Sell Axis Bank, DLF")
Nifty Outlook
Nifty breached below 7880 & confirmed the bearish formation (Gravestone Doji) which indicates a reversal back to 7550 .On the upside 8050 remains a strong resistance for the coming weeks, therefore pullback if any should be utilized to create fresh shorts.
INFOSYS: BUY
Target : Rs 1,160
Stop Loss: Rs 1,078
Relative Strength chart of IT compared to Nifty has been improving and indicates positive performance for IT. INFY is emerging from its time correction & could witness a relative outperformance amongst its peers. Short term longs can be built with a stop at Rs 1078 for an expected target of Rs 1160.
AXIS BANK: SELL
Target : Rs 450
Stop Loss : Rs 526
On the daily scale the occurrence of 'Bearish Engulfing' post the pullback re-confirmed the swing resistance near Rs 530. The pattern indicates the downtrend to resume again & the stock to retest its swing low at Rs 450. Recent setup provides a good reward to risk opportunity for fresh shorts with a stop loss above Rs 526 & a target upto Rs 450.
DLF: SELL
Target : Rs 110
Stop Loss: Rs 130
DLF has been is a secular downtrend. Mature wedge pattern on the 30 min scale indicates that the stock could resume its downward momentum. DLF could be short sold with a stop above Rs 130 for a pattern target upto Rs 110.
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
Nifty breached below 7880 & confirmed the bearish formation (Gravestone Doji) which indicates a reversal back to 7550 .On the upside 8050 remains a strong resistance for the coming weeks, therefore pullback if any should be utilized to create fresh shorts.
Also Read
INFOSYS: BUY
Target : Rs 1,160
Stop Loss: Rs 1,078
Relative Strength chart of IT compared to Nifty has been improving and indicates positive performance for IT. INFY is emerging from its time correction & could witness a relative outperformance amongst its peers. Short term longs can be built with a stop at Rs 1078 for an expected target of Rs 1160.
AXIS BANK: SELL
Target : Rs 450
Stop Loss : Rs 526
On the daily scale the occurrence of 'Bearish Engulfing' post the pullback re-confirmed the swing resistance near Rs 530. The pattern indicates the downtrend to resume again & the stock to retest its swing low at Rs 450. Recent setup provides a good reward to risk opportunity for fresh shorts with a stop loss above Rs 526 & a target upto Rs 450.
DLF: SELL
Target : Rs 110
Stop Loss: Rs 130
DLF has been is a secular downtrend. Mature wedge pattern on the 30 min scale indicates that the stock could resume its downward momentum. DLF could be short sold with a stop above Rs 130 for a pattern target upto Rs 110.
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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