 "Image via Shutterstock")
Here are a few trading ideas from Shubham Agarwal of Motilal Oswal Securities:
Nifty Outlook
Nifty ejected from the consolidation band of 7,700-7,950 with significant volumes which resulted into a sharp impulse move. The momentum indicator is yet to register an oversold situation & hence we expect momentum to extend further upto 8,200. Traders could continue their longs with a revised stop now below 7,900.
Also Read
HDFC
Reco: BUY
Last Close: Rs 1,228
Target: Rs 1,320
Breakout from the Flag formation augurs well for the existing uptrend to remain firm. Pullback if any should be utilized to add longs with a stop at Rs 1,180. The continuation pattern indicates a move towards Rs 1,320.
M&M FINANCIALS
Reco: BUY
Last Close: Rs 319
Target: Rs 360
Positive sector outlook & fresh breakout from the continuation pattern on the daily scale augurs well for momentum to continue. We expect this bullish momentum to push the stock towards Rs 360 zone. Longs could be added with a stop below Rs 303.
PI INDS
Reco: BUY
Last Close: Rs 672
Target: Rs 780
Yearlong consolidation now seems mature. A ‘Rising Three’ formation on the weekly scale augurs well for the existing momentum to continue. The pattern is well supported with incremental volumes & augurs well for the breakout. We expect the momentum to accelerate once above Rs 700 which could push the stocks towards Rs 780. Fresh longs could be added with a trading stop below Rs 620.
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
