 "Top trading calls from Motilal Oswal: BHEL, Petronet LNG")
Nifty Outlook
Nifty is in close proximity to the lower end of the immediate trading band of Rs 7,800 to 8,000 ; awaiting an impulse move which will trigger fresh momentum. A breach on either side will help nifty resume its momentum, until then it could remain consolidative within the range of Rs 7,800-8,000.
PETRONET LNG: BUY
Last Close: Rs 241
Target : Rs 255
Breakout from 'Rounding Bottom' followed by the continuation pattern indicates momentum to remain intact. Pattern indicates a price target upto 255 which could be participated with a stop Loss atRs 234.
ZEE ENTERTAINMENT: SELL
Last Close: Rs 412
Target : Rs 400
Negative sector outlook derived from the sector rotation analysis. Occurrence of a ‘Doji’ at the 61.8% retracement level indicates exhaustion of pullback move. A decline below 408 could accelerate the momentum. ZEE could be short sold with a stop Loss above Rs 417 for an initial target upto Rs 400.
BHEL: SELL
Last Close: Rs 169
Target : Rs 155
Fresh breakdown from a continuation pattern indicates weakness to continue. BHEL could be traded with a stop Loss above Rs 177 for an initial target upto Rs 155.
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
