Buy Bajaj Auto, Asian Paints says Shubham Agarwal of MOSL


Buy Bajaj Finance, Indraprastha Gas says Shubham Agarwal of MOSL

Nifty Outlook


Nifty held on to the 'Run Away Gap' support area near Rs 7,700 & saw a strong rebound. The occurrence of multiple Doji's at the reversal zone augurs well for the termination of the existing correction. A close above Rs 7,800 now confirms the reversal pattern & further longs could be added with an expectation of a breach above Rs 8,000.


Last Close: Rs 2,527

Target : 3,100

Bajaj Auto saw a rebound from its long term support. Fresh breakout from the continuation pattern indicates momentum to accelerate in the coming weeks. Bajaj Auto could be accumulated with a stop at Rs 2,410 for a potential pattern target upto Rs 3,100.


Last Close: Rs 907

Target : Rs 980

Breakout from consolidation on the immediate scale with significant volumes. A breach above Rs 930 would accelerate momentum & hence the stock could be accumulated with a stop below Rs 875 for a pattern target upto Rs 980.


Last Close: Rs 288

Target : Rs 330

Positive sector outlook & breakout from the 'Rounding' formation. The recent pullback provides a good reward to risk opportunity to add longs with a stop below Rs 271 for a pattern target upto Rs 330.

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.

Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities