 "Trading ideas from Motilal Oswal: Buy IGL, Zee; Sell M&M")
Nifty Outlook
Nifty continued to witness selling pressure throughout the week as the swift throwback towards the 7540 support reconfirms weakness to prevail. The momentum oscillator has still not reached the oversold zone warranting towards further weakness. A breach below the intermediate swing low would accelerate the fall. Respite if any could be temporary in nature & should be utilized to add shorts.
INDRAPRASHTA GAS
Reco: BUY
Target : Rs 640
Despite the market volatility IGL displayed a steady up move. IGL has been an uncorrelated name & has been a relative outperformer. Even a time consolidation would augur well & provides an opportunity to accumulate the stock. The extension study highlights a move upto 640 which could be participated with a stop below 570.
ZEE
Reco: SELL
Last Close:Rs 409.6
Target : Rs 380
Media sector has been losing momentum & has slipped into the deteriorating quadrant on our sector rotation model. ZEEL being the sector leader could be major contributor to this strong shift in momentum. The occurrence of a 'Dark Cloud Cover' candlestick confirms the 'Double top' pattern on the weekly scale. The setup indicates fresh weakness to be witnessed which could be participated with a stop above 427 & a decline back to 380.
M&M
Reco: SELL
Last Close: Rs 1165
Target : Rs 1105
Breakdown from the continuation pattern indicates the weakness to persist. M&M could be short sold for a target upto 1105 which could be participated with a stop at 1190.
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 continued to witness selling pressure throughout the week as the swift throwback towards the 7540 support reconfirms weakness to prevail. The momentum oscillator has still not reached the oversold zone warranting towards further weakness. A breach below the intermediate swing low would accelerate the fall. Respite if any could be temporary in nature & should be utilized to add shorts.
INDRAPRASHTA GAS
Reco: BUY
Also Read
Last Close: Rs 591.55
Target : Rs 640
Despite the market volatility IGL displayed a steady up move. IGL has been an uncorrelated name & has been a relative outperformer. Even a time consolidation would augur well & provides an opportunity to accumulate the stock. The extension study highlights a move upto 640 which could be participated with a stop below 570.
ZEE
Reco: SELL
Last Close:Rs 409.6
Target : Rs 380
Media sector has been losing momentum & has slipped into the deteriorating quadrant on our sector rotation model. ZEEL being the sector leader could be major contributor to this strong shift in momentum. The occurrence of a 'Dark Cloud Cover' candlestick confirms the 'Double top' pattern on the weekly scale. The setup indicates fresh weakness to be witnessed which could be participated with a stop above 427 & a decline back to 380.
M&M
Reco: SELL
Last Close: Rs 1165
Target : Rs 1105
Breakdown from the continuation pattern indicates the weakness to persist. M&M could be short sold for a target upto 1105 which could be participated with a stop at 1190.
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
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%