Stock pics for today's session by Chandan Taparia of MOSL

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

 

Nifty Outlook:

 

Nifty formed a narrow range body post the Doji formation keeping the positive trend intact. It continued its bullish move for sixth consecutive session and registered a fresh 52 weeks highs of 8982. Overall the immediate trend may remain positive until it doesn’t break its trend line support of 8820. Now it has to continue to hold above 8888 to extend its up move towards 9000 and its life time high of 9119 while on the downside supports are seen at 8850 and 8820.

 

Stocks:

 

CEAT

Reco: BUY

Last Close: 1,156

Stop Loss: 1,120

Target: 1,225

 

It formed double bottom near to 1070 and has been holding the gains above its previous hurdle of 1140. Thus recommending to buy on decline for the target of 1225 with the stop loss of 1120 levels.

 

ICICI BANK

Reco: BUY

Last Close: 284.50

Stop Loss: 275

Target: 304

 

It has managed to hold immediate support of 275 and has been witnessing sustain buying interest at every small decline.

 

ASHOK LEYLAND

Reco: SELL

Last Close:  90.55

Stop Loss: 93.50

Target: 84

 

It has made double top near to 96-97 zone and formed a Bearish Engulfing pattern on weekly chart. Now a hold below 90 would attract fresh selling pressure which may push it towards 84.

 

 

: 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.

 

is an Deivatives and Technical Analyst at Motilal Oswal Securities.


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