Muhurat Diwali Technical Picks Samvat 2082 by Motilal Oswal Wealth Management
State Bank of India Ltd
Technical Pick : SBIN RECO : Buy CMP : 886 SL : 840 TGT : 978
* The Nifty PSU Bank index have recently given a breakout and is in an uptrend.
* SBI is leading the momentum in the sector with bullish price volume action in last one month.
* The 20 DEMA is acting as a support on declines which is a sign of buying interest on declines.
* Hence, we advise investors to buy the stock around CMP Rs. 886 with stop loss below Rs. 840 for potential target around Rs. 978.
One 97 Communications Ltd
Technical Pick : PAYTM RECO : Buy CMP : 1277 SL : 1150 TGT :1530
* The stock is forming a ‘Higher Top Higher Bottom’ structure and is outperforming the broader markets.
* Prices are above the 20 & 50 DEMA indicating an uptrend.
* The RSI oscillator is bullish and is hinting at a continuation of positive momentum.
* Hence, we advise investors to buy the stock around CMP Rs. 1277 with stop loss below Rs. 1150 for potential target around Rs. 1530
Hero MotoCorp Ltd
Technical Pick : HEROMOTOCO RECO : Buy CMP : 5537 SL : 5200 TGT : 6200
* The Auto sector has resumed the positive trend post the recent GST reforms announcement and the two-wheeler stocks has seen a strong momentum.
* HEROMOTOCO has shown a consistent performance with price up moves supported by good volumes.
* The 20 DEMA has been acting as a support and hence, we expect a continuation of the outperformance going ahead.
* Hence, we advise investors to buy the stock around CMP Rs. 5537 with stop loss below Rs. 5200 for potential target around Rs. 6200.
Bharat Electronics Ltd
Technical Pick : BEL RECO : Buy CMP : 408 SL : 368 TGT : 480
* The Nifty India Defense index formed a support base around its 200 DEMA and has shown signs of a resumption of the uptrend.
* BEL has been a relative outperformer within the sector during the corrective phase and has now shown signs of leadership when the sector has started showing strength.
* The 50 DEMA is acting as a support while we expect the stock to rally higher and continue to lead the sectoral momentum.
* Hence, we advise investors to buy the stock around CMP Rs. 408 with stop loss below Rs. 368 for potential target around Rs. 480.
Cholamandalam Investment and Finance Company Ltd
Technical Pick : CHOLAFIN RECO : Buy CMP : 1698 SL : 1500 TGT : 2100
* The NBFC have witnessed a renewed buying interest in last one month which hints at a sectoral uptrend.
* CHOLAFIN has given a breakout from its trendline resistance and prices are forming a ‘Higher Top Higher Bottom’ structure.
* The RSI is hinting at a positive momentum on the weekly as well as the monthly charts and hence, we expect the stock to move higher in the medium term.
* Hence, we advise investors to buy the stock around CMP Rs. 1698 with stop loss below Rs. 1500 for potential target around Rs. 2100.
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