Nifty outlook and three trading ideas by Chandan Taparia of MOSL

0
67



Few trading ideas by Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities:


Outlook:


Nifty index opened positive and made a new record lifetime high of 10,171. It surpassed previous lifetime high of 10,138 and registered a highest daily close above 10,150. It formed a Bullish candle with a gap away pattern which indicates that bulls have jumped the supply zone. Now index has to continue to hold above 10,138 to extend its move towards 10,200 then 10,270 zones while on the downside supports are seen at 10,050 and 10,020 zones.





Stocks:


Hero MotoCorp


Reco: BUY


Last Close: Rs 3950


Stop Loss: Rs 3900


Target: Rs 4050


It has taken support near its 50-DEMA and formed a reversal pattern on the daily chart. Nifty Auto index is showing strength and this stock also looks attractive in terms of risk-reward ratio.


L&T Finance Holdings


Reco: BUY


Last Close: Rs 209


Stop Loss: Rs 202


Target: Rs 220


It is in a strong rising trajectory as it has been making higher top-higher bottom on weekly scale. The decline from the high of Rs 209 was on lower volumes and it formed a flag pattern which is a bullish continuation pattern.




Reco: BUY


Last Close: Rs 543


Stop Loss: Rs 530


Target: Rs 570


It has bounced sharply after re testing its breakout zones and holding above its rising support trend line on daily scale. Major trend is positive and recent consolidation provides a better risk-reward ratio.


Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

قالب وردپرس

LEAVE A REPLY

Please enter your comment!
Please enter your name here