Stocks To Buy This Week: Trent To Torrent - Motilal Oswal Recommends 3 Technical Trade Call

This week's buy recommendations for three stocks come from the technical & derivatives team of broking & distribution firm Motilal Oswal Financial Services Ltd. After these companies showed breakouts and indicated a buying opportunity on the chart pattern, experts saw a positive phase on the shares of Balkrishna Industries, Trent, and Torrent Pharma.

Balkrishna Industries

BUY BALKRISHNA IND AT CMP: Rs 3201, STOP-LOSS: Rs 3080, TARGET: Rs 3440

Balkrishna Ind is in overall uptrend and gave a massive range breakout on monthly scale after thirty three months. On weekly scale the stock retested the previous support zones and formed a Bullish candle with long lower shadow as strong buying was seen from lower zones. On daily scale the stock gave trend line breakout after thirteen sessions and formed a strong bullish candle. Momentum indicator Relative Strength Index (RSI) is on the verge of positive crossover which indicates to 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 3080 levels on closing basis for a new high target towards 3440 zones.

Trent

BUY TRENT AT CMP: Rs 4964, STOP-LOSS: Rs 4800, TARGET: Rs 5250

Trent is strong uptrend and trading at life time high territory. On monthly scale the structure of higher highs - higher lows is intact while on weekly scale it formed a bullish candle with long lower shadow as buying was seen at lower zones. On daily scale as well the stock gave range breakout with highest daily close ever. Stock has been huge outperformer within the retail sector and holding well above its 20DEMA. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 4800 levels on closing basis for a new high target towards 5250 zones.

Torrent Pharma

BUY TORRENT PHARMA AT CMP: Rs 2844, STOP-LOSS: Rs 2720, TARGET: Rs 3100

Pharma index gave a range breakout on weekly scale after fifteen weeks and formed a strong bullish candle. Within the pharma Index, Torrent Pharma is in overall strong uptrend and gave a range breakout on monthly scale after four months. On a daily scale as well the stock gave channel breakout and managed to close above 2800 zones. The stock is holding well above its 50DEMA and is likely to scale new record highs. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 2720 levels on closing basis for a new life time high target towards 3100 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.