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Nifty Outlook
A breach below 7,700 has triggered fresh momentum. The momentum oscillator is still away from the oversold territory indicating room on the lower side. A breach below the intermediate swing low of 7,550 would accelerate the fall towards 7,200.
Indraprashta Gas
Reco: BUY
Last Close: Rs 564
Target : Rs 610
The recent breakout from continuation pattern was supported with significant volumes. We expect the stock to continue its outperformance & hence could be accumulated with a stop below 535 for a target upto 610.
ZEE
Reco: SELL
Last Close: Rs 419
Target : Rs 390
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 428 & a decline towards 390.
Shriam Transport Finance Company
Reco: SELL
Last Close: Rs 835
Target : Rs 795
‘Evening Star’ (Reversal pattern) on the daily scale marked the end of the pullback/corrective wave & the downtrend to resume. Fresh positions could be initiated with a stop at 855 & an initial target upto 795.
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
