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Nifty Outlook
Nifty remains consolidating within a narrow range awaiting a breakout. A breach above 7500 could restore momentum & push it towards 7700. Traders could reduce their protection once above 7500 & build additional longs to participate the up move.
ARVIND
Reco: BUY
Last Close: Rs 317
Target : Rs 330
'Piercing Line' pattern confirmed the retracement support & the immediate reversal on the daily scale. Post the reversal Arvind has witnessed a steady up move & a breach above 320 could trigger momentum. Therefore Arvind could be traded with a stop below Rs 310 for an initial target upto Rs 330.
M&M
Reco: BUY
Last Close: Rs 1204
Target : Rs 1260
'Bullish Hammer' on the daily scale confirmed the medium term support near 1100. An inverse Head & Shoulder formation on the 60 min scale compliments the bullish setup. M&M could witness a sharp rebound as indicated by the pattern. Hence we recommend buying the stock with a stop below Rs 1170 for an immediate target upto Rs1260.
STRIDES SHASUN
Reco: SELL
Last Close: Rs 1152
Target : Rs 1100
On the daily scale a ‘Double Top’ formation post a pullback coincides around the 200 days EMA placed near 1180. STAR could be short sold for an immediate target upto Rs 1100 with a stop above Rs 1180.
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.Motilal Oswal Securities Limited is registered under SEBI (Research Analysts) Regulation 2014 SEBI Registration No :-INH000000412.MOSL, the spokesperson or his relatives, do not have financial interest in the securities mentioned above. 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
