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Buy Hero MotoCorp for a target of Rs 3,250, SL of Rs 2,910: HDFC Securities

Nifty outlook and technical calls by Vinay Rajani, Senior Technical Analyst at HDFC Securities.

Vinay Rajani  |  Mumbai 

markets, sebi

and by Vinay Rajani, Senior Technical Analyst at HDFC Securities:

Hold Nifty with 10700 Stop Loss; Resistance seen at 11089

Nifty has been marinating its uptrend with higher tops and higher bottoms on the daily charts. Nifty is currently placed above all important moving average parameters. Nifty is expected to extend this rally towards the next target of 11090. On the Downside support is seen at 10700.

Buy HEROMOTOCORP at Rs 3,069

Target: Rs 3,250

Stop Loss: Rs 2,910

The stock is placed around 26% lower than its all-time high of 4092, registered in Sep 2017. The stock price has nicely recovered from its recent low of 2648. The stock price has given bullish breakout from the inverse head and shoulder on the daily charts. The stock is maintaining higher tops and higher bottoms on the daily charts. Moving average and Oscillator setup seems bullish on the charts.

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 3250, keeping stop loss at 2910 on closing basis.

Buy KOTAKBANK at Rs 1,225

Target: Rs 1,325

Stop Loss: Rs 1,160

The stock price has recently surpassed the crucial resistances of 50, 100 and 200 DMA. Higher tops and higher bottom formation is seen on the weekly charts. Primary trend of the stock is bullish. Oscillators and Indicators have been holding strong. Private banking space has been performing well and Bank Nifty also holds its uptrend.

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 1325, keeping stop loss at 1160 on closing basis.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Wed, December 05 2018. 06:49 IST
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