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Nifty Outlook
Nifty has pulled itself up by its bootstraps above 7250 mark with a breakaway gap & the ongoing momentum has no signs of exhaustion yet. We expect the ongoing momentum to continue & a breach above the 7600 could further propel it towards its 200 days EMA laced near 7810.
AXIS BANK
Reco: BUY
Last Close: Rs 417
Target : Rs 465
Multiple reversal patterns confirm the support at Rs 380. Axis Bank rebounded from the said support & has been attracting momentum. The current momentum could be participated with a stop at Rs 393 for an overall target upto Rs 465.
LUPIN
Reco: BUY
Last Close: Rs 1778
Target : Rs 1940
Lupin saw a swift up move in the month of February. The upmove possess the impulse wave characteristics which states further extension. The current pullback to the 61.8% retracement support provides a good reward to risk opportunity for fresh longs. Lupin could be added with a stop at Rs 1730 for a target upto Rs 1940.
PIDILITE INDS.
Reco: BUY
Last Close: Rs 607
Target : Rs 660
Pidilite Inds. saw & breakout from the yearlong consolidation. The pullback provides a good reward to risk opportunity to add further longs. The occurrence of a ‘Bullish Harami’ on the immediate scale confirms the end of the pullback. Hence the stock could be participated with a stop at Rs 588 for a pattern target upto Rs 660.
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 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
