3 Stock Recommendations Along With Charts For The Week By Motilal Oswal

Here are the stock recommendations along with charts for the week shared by the Technical & Derivatives team, Broking & Distribution, Motilal Oswal Financial Services Ltd.

Larsen and Toubro

BUY LARSEN at CMP of Rs 2586, stop-loss Rs 2520, target price Rs 2700

Larsen is in an overall uptrend on the monthly scale and gave a range breakout with a breakaway gap on the daily scale after fifteen sessions. It formed a strong bullish candle and gave the highest daily close ever. The stock is holding well above its 10 DEMA and RSI has given a falling trend line breakout on the daily scale which suggests momentum is likely to continue in coming sessions. Thus recommending to buy the stock with keeping the stop loss below 2520 levels for an upside target towards 2700 zones.

Ashok Leyland

BUY ASHOK LEYLAND at CMP of Rs 182, stop-loss Rs 176, target price Rs 195

Ashok Leyland has given a range breakout on the weekly scale after four weeks and trading at lifetime high territory. It formed a strong bullish candle and the structure of higher lows is intact for seven weeks. RSI is holding well above 70 zones which suggest overall strength in the stock. Good momentum is seen in the Auto space and stock is likely to outperform. Thus looking at the current chart structure we recommend to buy the stock with keeping a stop low below 176 for an upside target towards 195 levels.

Dr. Reddy

BUY DR REDDY at CMP of Rs 5288, stop-loss Rs 5130, target price Rs 5555

DR Reddy has retested its previous breakout zone on the weekly scale and started to move northwards. It formed a strong bullish candle on the weekly scale and managed to close above its immediate hurdle of 5225 zones. On a daily scale, the stock is holding well above its short-term moving average and it is likely to move towards its previous all-time high. Thus recommending to buy the stock with keeping the stop loss below 5130 for an upside move towards 5555 levels

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.