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Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
Nifty Outlook
Nifty Outlook
Nifty remains confined within the ‘Bearish Marubozu’ range with resistance held firm around 8450. The placement of the daily RSI near the overbought zone warrants caution. A breach below 8370 (Low of Marubozu candlestick formation) would activate the bearish implication of the pattern. Hence, we recommend reducing leveraged longs & deploying adequate hedge for a while.
ARVIND
Reco: BUY
Last Close: Rs 370.20
Target: Rs 390
Arvind saw a breakout from a triangular consolidation with volumes. The follow up momentum could extend the up move to extend towards 390. Hence trading longs should be maintained with a stop below 365.
ONGC
Reco: BUY
Last Close: Rs 200.85
Target: Rs 222
ONGC witnessed a strong rebound post the ‘Doji’ formation reconfirming the strength in the weekly support. The occurrence of yet another bullish formation (Bullish Harami) on the daily scale reconfirms the strength in the upmove. We expect the stock to rise towards its 'Rounding' pattern target placed at 222. Declines provide a decent reward to risk opportunity for longs with a stop below 193.
INDIABULLS HOUSING FINANCE
Reco: SELL
Last Close: Rs 757
Target: Rs 705
'Occurrence of ‘Bearish Engulfing’ augurs well for the termination of ongoing up move. RSI reversion from the overbought zone compliments the setup & a move towards the short term average could be witnessed soon. Short positions could be considered with a stop above Rs 770 and Target up to Rs 705.
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.
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.
