Here are a few trading ideas by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
On a daily scale Index had managed to close above its 200 day SMA (8188) indicating pullback to remain intact. The breach above the gap augurs well for up move to remain firm. Follow-up buying above 8280 could see momentum accelerating. Traders can add longs with trading stop loss below 8150 for a move towards 8350 -8400.
Last Close: 185.65
Target : 213
Positive sector outlook & breakout from the continuation pattern augurs well for the secular up move to continue. Trading longs could be added with a stop at 171& sequential targets of 213 /235
Last Close: 463.75
Target : 520
Positive sector outlook & 'Double Bottom' formation near the long term support. Further occurrence of “Bullish Harami” raises the expectation of pull-back. One can accumulate the stock with a stop at 448 and a target of 520
Last Close: 179.2
Target : 200
Positive sector outlook & breakout from the continuation pattern augurs well for the up move to continue. Trading longs could be added with a stop at 170& target of 200
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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities