Nifty outlook and stock picks from Motilal Oswal Securities

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Here are a few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:

 

Nifty Outlook:

 

Nifty index managed to hold above 9133 and headed towards 9183 on the settlement day of March series. It formed a Bullish candle and registered a highest daily close. It has been making higher highs – higher lows from last three trading sessions and just 0.50% away from its life time high of 9218. It has been holding above its support trend line by connecting the lows of 8713, 8903 and 9024 levels. Now till it holds above 9133 zone, it has potential to head towards 9218 then 9280 while on the downside multiple supports are seen at 9119 and 9075.

 

Stocks:

 

LT (LARSEN & TOUBRO)

Reco: BUY

Last Close: 1,557

Stop Loss: 1,546

Targe : 1,600

 

It has been consolidating in a small range from last 12 trading sessions and forming a Bullish Flag on the daily chart. It has formed a strong price set up with significant delivery volumes near to 1,550 which indicates a fresh leg of rally in the stock with better risk - reward ratio. Thus, recommending to buy with the trading stop loss of 1,546 for a potential upside target of 1,600.

 

ZEEL

Reco: BUY

Last Close: 532

Stop Loss: 524

Target: 550    

 

It has given a consolidation breakout and holding well above its previous hurdle of 528. Overall it has been making higher top – higher bottom formation and showing the strength. Thus, recommending to buy with the trading stop loss of 524 for a potential upside target of 550.

 

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.

 

Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.


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