From Coforge To TVS Motor 3 Technical Trade Call For The Week By Motilal Oswal

The weekly stock recommendations from Motilal Oswal Financial Services Ltd.'s broking and distribution department's technical and derivatives team are listed below. Based on the technical analysis detailed here, the brokerage's research experts have issued a buy call on the stocks of Coforge, TVS Motor Company, and Cummins India saying they are bullish on the companies' shares.

Coforge

BUY COFORGE AT CMP of Rs 6592, STOP-LOSS: Rs 6400, TARGET: Rs 7000

Coforge is in strong up move and trading at lifetime high territory. The stock has formed a strong Bullish Candle on weekly scale with the highest weekly close. It also gave a trend line breakout on daily scale and trading above its short-term moving averages on daily scale with noticeable volumes. Strong buying interest is visible in Midcap IT sector and the stock is likely to outperform in the coming sessions. Thus looking at the overall chart setup we recommend to buy the stock with a stop loss below 6400 levels on a closing basis for a new upside target towards 7000 zones.

TVS Motor Company

BUY TVS MOTOR AT CMP of Rs 2085, STOP-LOSS: Rs 2020, TARGET: Rs 2222

TVS Motor is trading at new life time high territory and gave a range breakout on weekly scale. On daily scale as well the stock formed a small bodied candle and gave a triangle breakout with good surge in volumes. It is trading above its short term moving average and RSI is also turning upwards which suggests momentum is likely to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock with keeping stop loss below 2020 levels on closing basis for a new life time high towards 2222 zones.

Cummins India

BUY CUMMINS INDIA AT CMP of Rs 2048, STOP-LOSS: Rs 1980, TARGET: Rs 2200

Cummins India gave a range breakout on weekly scale after five weeks and formed a strong bullish candle. On daily scale as well the stock is inching higher and holding well above its short term moving average. Momentum indicator Relative Strength Index (RSI) is positively placed above 70 zones which indicates strength in the stock. The stock has outperformed within Capital space and thus looking at the overall chart structure we are recommending to buy the stock with keeping a stop loss below 1980 levels on closing basis for a target towards 2200 zones.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.