Technical Trade Call: 3 Stock Picks By Motilal Oswal For The Week 8-12 Jan

Based on technical analysis, the technical & derivatives Team, broking & distribution, Motilal Oswal Financial Services Ltd. has recommended three stocks for the week. L&T, Hindustan Aeronautics, and Hindustan Copper have all received buy calls issued by the brokerage for the week of January 8-12. However look here for all the technical details you need, including the entry price, stop-loss, target price, and chart pattern.

Hindustan Aeronautics

BUY HINDUSTAN AERONAUTICS AT CMP of Rs 2988, STOP-LOSS: Rs 2900, TARGET: Rs 3200

HAL is trading at life time high territory and forming higher highs - higher lows structure on a monthly scale from the past three months. On a weekly scale, it gave a consolidation breakout after four weeks and formed a strong bullish candle with the highest weekly close. It is holding well above its 20 DEMA and RSI is also giving bullish crossover which suggests momentum to continue going ahead.

The stock has been a strong outperformer within the Defense space and it is likely to scale new record highs. Thus, looking at the overall chart structure recommending to buy the stock with keeping stop loss below 2900 levels on a closing basis for a new target towards 3200 zones.

Hindustan Copper

BUY HIND COPPER AT CMP of Rs 283, STOP-LOSS: Rs 270, TARGET: Rs 305

The stock is in an overall uptrend and forming higher highs - higher lows on a weekly scale from the past nine weeks. On a daily scale as well, it gave a range breakout after five sessions and managed to hold 275 zones with noticeable volumes.

The stock is trading above its short-term moving averages and supports are gradually shifting higher. RSI is also holding well near 80 zones which suggests strength in the stock. Thus, looking at the overall chart setup we recommend to buy the stock with a stop loss below 270 levels on a closing basis for an upside target towards 305 zones.

L&T

BUY LARSEN & TOUBRO LTD AT CMP of Rs 3521, STOP-LOSS: Rs 3430, TARGET: Rs 3700

Larsen is trading at life time high territory and strong uptrend is intact on monthly and weekly scale. On a daily scale, the stock is on the verge of giving a range breakout after fourteen sessions above 3530 zones. The stock is holding on to its 20DEMA and supports are gradually shifting higher. RSI (relative strength Index) is on the verge of giving a bullish crossover which suggests momentum to pick up in coming sessions.

The stock is a strong outperformer within the Capital goods space and is likely to scale new record highs in coming sessions. Thus, looking at the overall chart structure recommending to buy the stock while keeping the stop loss below 3430 levels on a closing basis for a new high towards 3700 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.