From HAL To PNB: 3 Technical Buy Calls For The Week By Motilal Oswal

The geopolitical tensions between Israel and Iran caused an enormous drop in Indian equity benchmarks on Monday. Due to geopolitical tensions between Israel and Iran, Indian equities indexes saw a significant fall on Monday. Investors will likely be watching China's Q1 GDP figures and US core retail sales figures, as well as the start of Q4 result season and the poll results of various political parties, later this week.

The technical and derivatives team at Motilal Oswal Financial Services Ltd., a broking and distribution company, has given buy calls on three stocks based on technical research amid a turbulent week for the Indian stock market.

PNB

BUY PNB AT CMP: Rs 135, STOP-LOSS: Rs 125, TARGET: Rs 155

PNB is in a strong uptrend and gave a range breakout on the weekly chart after ten weeks. On a daily scale the stock retested the previous breakout zone and formed a strong bullish candle. It is holding well above its 50DEMA and strong buying is visible across PSU space. Momentum indicator Relative Strength Index (RSI) is also on the verge of positive crossover which indicates momentum to pick up in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 125 levels on a closing basis for a new high target towards 155 zones.

HAL

BUY HINDUSTAN AERONAUTICS AT CMP: Rs 3638, STOP-LOSS: Rs 3520, TARGET: Rs 3900

HAL is in an overall uptrend and forming higher lows on a monthly scale from the past five months. On a weekly scale the stock is forming higher lows and giving the highest weekly close. On a daily scale the stock gave a consolidation breakout after six sessions and formed a strong bullish candle with a good surge in volumes. It is taking multiple support near its 50DEMA and base of the stock is shifting higher. Momentum indicator Relative Strength Index (RSI) is also moving northward which indicates momentum to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock with keeping stop loss below 3520 levels on a closing basis for a new lifetime high target towards 3900 zones.

IDFC First Bank

BUY IDFC FIRST BANK AT CMP: Rs 84.50, STOP-LOSS: Rs 80, TARGET: Rs 92

IDFC FIRST Bank gave a falling wedge pattern breakout on weekly scale after thirty one weeks. On a daily scale the stock is forming higher highs - higher lows structure from the last few sessions and managed to close above its crucial hurdle of 80 zones. We have seen a golden crossover on daily scale which is a bullish sign and momentum indicator Relative Strength Index (RSI) is also giving a bullish crossover which indicates momentum to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock with keeping stop loss below 80 levels on a closing basis for a target towards 92 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.