Stock picks from Motilal Oswal


Stock market: A roller coaster ride for Indian equities

  Nifty Outlook


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.


Reco: BUY

Last Close: Rs 3079

Target : Rs 3170

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 3000 for a target upto Rs 3170.


Reco: BUY

Last Close: Rs 1023

Target : Rs 1140

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.


Reco: SELL

Last Close: Rs 727

Target : Rs 680

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.


Nifty Reverse Iron Condor Spread

Buy July 8400 CE 1 lot

Buy July 8100 PE 1lot

Sell July 7900 PE 1 lot

Sell July 8600 CE 1 lot

Target: Rs.6500   SL: RS. 3500


1.Nifty data shows option indicative band for July series at 8000-8500

2. India Vix, volatility Index, The sentiment indicator inch above 18%, indicating expected cautiousness ahead of global event

3 Considering rising volatility, Hedge strategy, Reverse Iron Condor is recommended


The author is an Equity Technical Analyst at Motilal Oswal

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