Weekly Trading Guide: Top 3 Technical Stock Picks By Motilal Oswal

In comparison to the closing values of Nifty Futures on Monday, GIFT Nifty is trading marginally lower on Tuesday, suggesting a slower start for the benchmark indices.

The Technical & Derivatives Team, Broking & Distribution, Motilal Oswal Financial Services Ltd. recommended three technical stocks to buy during the weeklong trading session that began on November 6 and will end on November 10.

Godrej Properties

BUY GODREJ PROPERTIES AT CMP of Rs 1784, STOP-LOSS: Rs 1700, TARGET: Rs 2000

Godrej Prop gave consolidation breakout on weekly scale after thirteen weeks and formed a strong Bullish Marubozu candle. On daily scale the stock gave channel breakout and forming higher highs - higher lows from past six sessions with noticeable volumes. It is trading above its short term moving averages and indicator (RSI) also moving northward on daily scale which suggests momentum to continue in coming sessions. Good buying interest is seen entire Realty space and stock likely to outperform. Thus looking at the overall chart set up we recommend to buy the stock with stop loss below 1700 levels on closing basis for a new upside target towards 2000 zones.

SBI

BUY STATE BANK OF INDIA AT CMP of Rs: 578, STOP-LOSS: Rs 560, TARGET: Rs 610

State bank of India has been respecting to its rising trend line on weekly scale and formed a Morning star pattern on weekly frame which is a bullish reversal pattern. On daily scale it is forming higher highs - higher lows from past six sessions and managed to hold above its 200DEMA. Relative Strength Index (RSI) is bouncing from oversold zone on weekly scale and risk reward is quite favorable at current juncture. Strong outperformance is seen in PSU banks and stock likely to move northwards. Thus recommending to buy the stock with keeping stop loss below 560 on closing basis for an upside target towards 610 levels.

Trent

BUY TRENT AT CMP of Rs 2196, STOP-LOSS: Rs 2110, TARGET: Rs 2400

Trent is trading near life time high territory and gave a consolidation breakout after nine weeks with highest weekly close. On daily scale the stock is forming higher lows from past six sessions and holding well above its 20DEMA. The base of the stock is shifting higher and it has been huge outperformer within Midcap space. RSI gave bullish crossover on weekly scale which suggests momentum to be seen in coming weeks. Thus looking at the overall chart structure recommending to buy the stock with keeping stop loss below 2110 levels on closing basis for a new life time target towards 2400 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.