 "Technical picks from Motilal Oswal: Buy Jubilant Foods, Bosch; Sell Axis Bank")
Nifty Outlook
Most of the Indicators suggest a continued oscillation in Nifty with a wider band i.e. 7500-8300. Lucrative trade will only exist once Index is around either side of the range. 7500 remains an important level below which long term trend can come to question.
JUBILANT FOODS: BUY
Target : Rs 1,850
Stop Loss: Rs 1,560
Positive sector outlook & the occurrence of a ‘Bullish Hammer’ at the medium term support reconfirmed reversion. JUBLFOODS could be could be participated with a stop at Rs 1560 for medium term target upto Rs 1850.
BOSCH: BUY
Target : Rs 25,500
Stop Loss: Rs 18,170
Bosch Ltd is quoting at the lower end of the oscillating range. The current setup provides a good reward to risk opportunity for Bosch to be added as a portfolio buy with a stop at Rs 18,170.
AXIS BANK: SELL
Target : Rs 450
Stop Loss: Rs 522
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 522 for a target upto Rs 450.
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
Most of the Indicators suggest a continued oscillation in Nifty with a wider band i.e. 7500-8300. Lucrative trade will only exist once Index is around either side of the range. 7500 remains an important level below which long term trend can come to question.
Also Read
Target : Rs 1,850
Stop Loss: Rs 1,560
Positive sector outlook & the occurrence of a ‘Bullish Hammer’ at the medium term support reconfirmed reversion. JUBLFOODS could be could be participated with a stop at Rs 1560 for medium term target upto Rs 1850.
BOSCH: BUY
Target : Rs 25,500
Stop Loss: Rs 18,170
Bosch Ltd is quoting at the lower end of the oscillating range. The current setup provides a good reward to risk opportunity for Bosch to be added as a portfolio buy with a stop at Rs 18,170.
AXIS BANK: SELL
Target : Rs 450
Stop Loss: Rs 522
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 522 for a target upto Rs 450.
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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