Trade Call: 3 Technical Stock Picks With Buy Calls For The Week By Motilal Oswal

These are the stock recommendations and charts provided by the Technical & Derivatives team of Motilal Oswal Financial Services Ltd.'s Broking & Distribution for the week beginning on Monday, December 18, and ending on Friday, December 22. Study the whole technical analysis for the Tata Motors, SBI, and LTI Mindtree shares, including the entry price, target price, and stop-loss.

Tata Motors

BUY TATA MOTOR AT A CMP of Rs 732, STOP-LOSS: Rs 705, TARGET: Rs 790

Tata Motors is in an overall uptrend and trading at a lifetime-high territory. It has been forming higher lows on a monthly scale for the past nine months and supports are gradually shifting higher. On a weekly scale as well, it formed a Bullish candle and gave the highest weekly close. On a daily scale it gave a consolidation breakout after twelve sessions and holding well above its 50 DEMA.

Momentum indicator i.e RSI is also moving higher and good buying interest is visible across the Auto space. Thus, looking at the overall chart set up we recommend to buy the stock with a stop loss below 705 levels on a closing basis for a new upside target towards 790 zones.

SBI

BUY STATE BANK OF INDIA AT A CMP of Rs 648, STOP-LOSS: Rs 625, TARGET: Rs 700

SBIN is trading at lifetime high territory and gave a classical trend line breakout on weekly scale after fifty-two weeks. It formed a strong bullish marubozu candle on a weekly scale and structure of higher highs - higher lows are intact from the past three weeks. On a daily scale as well, the structure of higher highs in intact and strong buying is visible across PSU banks.

The stock is trading above its short-term moving average and is likely to scale new record highs in coming sessions. Thus, looking at the overall chart structure we are recommending to buy the stock with keeping the stop loss below 625 levels on a closing basis for a target towards 700 zones.

LTI Mindtree

BUY LTI Mindtree at a CMP of Rs 6129, stop-loss: Rs 5920, target: Rs 6555

LTIMindtree gave a range breakout on weekly scale after fifty-six weeks and formed a strong bullish candle. On a daily scale as well, the stock surpassed its crucial hurdle of 5950 zones and holds well above its 20 DEMA. RSI is also near 70 zones which suggests momentum is likely to continue in coming sessions with good buying interest visible across the Midcap IT space.

The risk-reward ratio is quite favourable at the current juncture and stock is likely to climb back to higher zones. Thus, looking at the overall chart structure recommending to buy the stock with keeping stop loss below 5920 levels on a closing basis for a target towards 6555 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.