 "Stock tips from Motilal Oswal Securities")
Nifty Outlook
Nifty saw a spike on the daily chart indicating first sign of a probable reversal. The Index has a high reward to risk for longs post this formation and 7380 becomes an important immediate support for the pattern to remain intact. Resistance for the Nifty is placed at 7750 but should be temporary in nature and can move even higher.
MARUTI SUZUKI
Reco: BUY
Last Close:Rs 4248.5
Target : Rs 4450
Maruti is quoting near its 200 days EMA & a ‘Bullish Engulfing’ pattern re-confirms this support. Maruti could be participated with a stop below 4170 for an up move till 4450.
INDRAPRASHTA GAS
Reco: BUY
Last Close: Rs 558.6
Target : Rs 640
Positive sector outlook & the ‘Rising Three’ pattern on the daily scale augurs well for the uptrend to remain intact. IGL could be participated with a stop below 540 for a target upto 640.
UPL
Reco: SELL
Last Close: Rs 398.50
Target :Rs 380
Breakdown from the continuation pattern followed by a 'Falling Three' indicates the weakness to continue. UPL could be short sold with a stop at 407 & a target upto 380.
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. 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
