8330 remains a significant level to track as 'Spinning Top' formation near the resistance re-confirms the significance of the level. A sustained breach above the same would eject the nifty out of the ongoing consolidating range of 8300-8160 & push it towards 8450.While a breach below 8160 would activate the bearish momentum.
HERO MOTOCORP: BUY
Target : Rs 3170
Stop Loss: Rs 3000
Positive sector outlook & rebound from the retracement support augurs well for a stable up move. Hero Moto Corp. has been oscillating within the broad range of Rs 3150-3000. Proximity towards the lower bound of the range provides a favorable reward to risk for short term longs. Accumulate with a stop below Rs 3000 for a target upto Rs 3170.
Target : Rs 1140
Stop Loss: Rs 1000
Mature continuation pattern on the immediate scale augurs well for outperformance. A breach above Rs 1030 would activate the pattern & push the stock towards its pattern target placed at Rs 1140 which could be traded with a stop at Rs 1000.
AUROBINDO PHARMA: SELL
Target : Rs 680
Stop Loss: Rs 751
Falling Three' formation on the monthly scale exhibits weakness to persist. Breakdown from the continuation pattern re-confirms the bearish trend. Pullback if any could be utilized to create fresh shorts with a stop at Rs 751 for an initial target upto Rs 680.
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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities