Samvat 2078 has been a tough year for investors on Dalal Street, even as the domestic market┬аhas performed relatively better than global peers.┬аMotilal Oswal said the market is holding well and any major decline, led by global volatility, should be bought into. ┬а
“Nifty remained volatile in a broader range of 3,000 points from 15,183 to 18,350 zones in the last 12 months and most of the time, it has been hovering near 16,500-17,000 zones. Technically, it is on the verge of a breakout from a bigger Pole and Flag pattern on a monthly scale, which started its structure in October 2021,” Motilal Oswal said.
The brokerage firm said any decline in the index could be bought with major support at 16,750-16,950 zones. On a positional basis, a move above 17,777-18,000 could open up doors for a further rally towards 18,600-19,000 zones, it said.
While sharing its technical view, the brokerage house also suggested a few technical stock ideas for Diwali 2022.┬а
IDFC Ltd
Buying range: Rs 78.5-76.5
Target: Rs 100
Stop loss: Rs 70
Upside: 27%
Motilal Oswal said that the stock is giving a breakout of the falling trend line on the monthly scale.
The brokerage firm noted that it is forming a bullish candle on the monthly scale which indicates strong buying interest in the counter. Also, the momentum indicators on the monthly chart are placed in positive territory which indicates the uptrend to continue.
Axis Bank
Buy range: Rs 818-800
Target: Rs 1000
Stop loss: Rs 750
Upside: 22%
According to Motilal Oswal, the stock is giving a breakout of the falling channel on the weekly scale.
It is forming a higher high in the last 2 weeks which indicates that the trend is positive. Also, the RSI oscillator is placed in the bullish zone which will support the up move.
Siemens
Buy range: Rs 2,820-2,780
Target: Rs 3,500
Stop loss: Rs 2,640
Upside: 24%
The brokerage said Siemens is consistently inching higher after a strong breakout on the monthly scale.
“On the weekly scale, it is holding above the key averages which indicates that the trend is positive. RSI oscillator is placed in the bullish zone which will support the up move,” it added.
Tata Chemicals
Buy range: Rs 1,178-1,150
Target: Rs 1,400
Stop loss: Rs 1,080
Upside: 19%
The stock has given a fresh breakout on the monthly chart with a strong setup for up-move. The brokerage firm noted that the stock is forming higher highs since the previous 3 months which indicates the uptrend to continue.
Also, the RSI oscillator is placed in the bullish zone which will support the up move
Deepak Nitrite
Buy range: Rs 2,265-2,230
Target: Rs 2,700
Stop loss: Rs 2,050
Upside: 19%
The brokerage firm noted that the stock has given a breakout of the falling channel on the monthly scale.
It is holding well above the averages on the monthly chart and moving higher, it said.
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