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Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
Nifty Outlook
On a daily scale Index had managed to close above its 200 day SMA (8188) indicating pullback to remain intact. The breach above the gap augurs well for up move to remain firm. Follow-up buying above 8280 could see momentum accelerating. Traders can add longs with trading stop loss below 8150 for a move towards 8350 -8400.
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POWER GRID
Reco: BUY
Last Close: 185.65
Target : 213
Positive sector outlook & breakout from the continuation pattern augurs well for the secular up move to continue. Trading longs could be added with a stop at 171& sequential targets of 213 /235
TECH MAHINDRA
Reco: BUY
Last Close: 463.75
Target : 520
Positive sector outlook & 'Double Bottom' formation near the long term support. Further occurrence of “Bullish Harami” raises the expectation of pull-back. One can accumulate the stock with a stop at 448 and a target of 520
HINDALCO
Reco: BUY
Last Close: 179.2
Target : 200
Positive sector outlook & breakout from the continuation pattern augurs well for the up move to continue. Trading longs could be added with a stop at 170& target of 200
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.
Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities
