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Stock picks from Motilal Oswal Securities; buy IndusInd Bank, Bajaj Finance

Here are a few trading ideas from Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities

Sacchitanand Uttekar  |  Mumbai 

Stock picks from Motilal Oswal Securities; buy IndusInd Bank, Bajaj Finance

Below mentioned are the calls from Sacchitanand Uttekar, Equity Technical Analyst:

Nifty Outlook

Nifty continues its oscillation within the strangled trading range of 8720-8530 & a decisive breach outside the said range could unfold the directional bias. Until then expect volatility to have an upper hand as the range gets contracted. A decisive close above 8720 could reinstate the bullish momentum, therefore longs are advised with a stop below 8530.

Reco: BUY
Last Close: 1182
Target : 1310

Positive sector outlook & a fresh breakout from the continuation pattern augurs well for the secular up move to remain intact. Longs could be added with a stop below 1168 for a target upto 1310.

Reco: BUY
Last Close: 85.40
Target : 93

Rounding bottom formation on the weekly scale augurs well for the uptrend to remain intact. Fresh breakout raises expectation of an accelerated move. Jain Irrigation could be traded with a stop at 82.50 for a target upto 93.

Reco: BUY
Last Close: 10288
Target : 11700

‘Rising Three’ formation on the weekly scale is about to mature. The recent decline provides a good opportunity to add longs. We expect the stock to resume is secular up move. Bajaj Finance could be accumulated with a stop below 9740.

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.

Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities

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First Published: Fri, August 26 2016. 08:30 IST