Stock picks from Motilal Oswal Securities; buy Kotak Mahindra Bank, Vedanta
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Nifty maintained its opening gap for the day & continued its rally towards 8600. The immediate requisite is a sustained breach above 8630 which could accelerate the ongoing momentum. Hence aggressive longs are recommended once above the said level with a stop below 8450. A sustained move above 8630 would confirm the channel breakout & re-affirm the likely extension upto 8850-8900.
Last Close: 819
Target : 860
'Rising Three' formation on the weekly scale raises the expectation of the secular up move to remain intact. Breakout above 830 could accelerate the momentum & hence fresh longs could be added with a stop below 800 for an immediate target up to 860.
Last Close: 229
Target : 245
Positive sector outlook & breakout from the flag formation on the daily scale well supported with volumes. Momentum expected to continue till the pattern target upto 245. Longs shall be maintained with a stop below 220.
Last Close: 532
Target : 590
‘Rising Three’ formation on the weekly scale augurs well for the uptrend to continue. The recent decline provides a good opportunity to add longs with a stop below 510 for an initial trading target upto 575 followed by 590.
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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities