 "Trading ideas from Motilal Oswal: Buy HDFC, BPCL; Sell UPL")
Nifty Outlook
Nifty did see a closing below the support of 7620-7600 and the downside has no immediate levels to track unless some pattern develops. Temporary level exists at 7200. Its recommended to keep positions low & hedge the pending long positions. Pullbacks if any shall be restricted to 8100-8200 and to believe that one should take temporary positions only above 7730-7750
Last Close: 1171
Target : 1350
HDFC has been in a secular uptrend & the 'Spike' on the weekly scale has occurred near the long term support re-confirming the strength in the support. The setup provides a good reward to risk opportunity for fresh longs & the stock could be accumulated with a stop below 1076 for a target upto 1350 (Prior swing high).
UPL: SELL
Last Close: Rs. 520
Target : Rs.460
The corrective wave post the impulse saw a ‘Bearish Engulfing’ occurring at the retracement resistance indicating stiff resistance. The placement of the daily RSI below 50 exhibits weakness to continue & hence UPL could be sold with a 537.30 for a Target upto 460.
BPCL: BUY
Last Close: Rs. 828
Target : Rs.1110
Shadow on the weekly scale re-confirms the long term support & continuation of the secular uptrend. The setup provides a good reward to risk opportunity for fresh longs with a stop at 793 for a medium term target upto 1110.
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 the Head - Quantitative Research at Motilal Oswal Securities
Nifty did see a closing below the support of 7620-7600 and the downside has no immediate levels to track unless some pattern develops. Temporary level exists at 7200. Its recommended to keep positions low & hedge the pending long positions. Pullbacks if any shall be restricted to 8100-8200 and to believe that one should take temporary positions only above 7730-7750
Also Read
HDFC: BUY
Last Close: 1171
Target : 1350
HDFC has been in a secular uptrend & the 'Spike' on the weekly scale has occurred near the long term support re-confirming the strength in the support. The setup provides a good reward to risk opportunity for fresh longs & the stock could be accumulated with a stop below 1076 for a target upto 1350 (Prior swing high).
UPL: SELL
Last Close: Rs. 520
Target : Rs.460
The corrective wave post the impulse saw a ‘Bearish Engulfing’ occurring at the retracement resistance indicating stiff resistance. The placement of the daily RSI below 50 exhibits weakness to continue & hence UPL could be sold with a 537.30 for a Target upto 460.
BPCL: BUY
Last Close: Rs. 828
Target : Rs.1110
Shadow on the weekly scale re-confirms the long term support & continuation of the secular uptrend. The setup provides a good reward to risk opportunity for fresh longs with a stop at 793 for a medium term target upto 1110.
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 the Head - Quantitative Research at Motilal Oswal Securities
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