Top trading calls by Sacchitanand Uttekar of Motilal Oswal Securities

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

 

Nifty continued its up move for the 13th consecutive session as it closed above 8,400. Though on the daily scale there are no signs of weakness but on the intraday 30 min scale the developing negative divergence on the RSI warrants caution. The index could witness termination near the likely resistance zone of 8,400-8,450 & witness a corrective wave. Hence we recommend to reduce leveraged longs & deploy adequate hedge for a while.

 

VOLTAS

Reco: SELL

Last Close: 339

Target: 320

 

Occurrence of ‘Bearish Engulfing’ pattern followed by the ’Spinning’ formation indicates exhaustion of the ongoing up move. A breach below 335 would amplify the momentum & push the stock lower towards 320. Trading shorts could be deployed with a stop above 345.30.

 

ONGC                 

Reco: BUY

Last Close: 199

Target: 222

 

ONGC witnessed a strong rebound post the ‘Doji’ formation reconfirming the strength in the weekly support. The recent pullback provides a good opportunity to add longs. We expect the stock to outperform in the current market scenario. The recent declines provide a decent reward to risk opportunity for longs with a stop below 191.

 

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