Stocks To Buy: 3 Technical Trade Calls For The Week By Motilal Oswal With Buy Rating

The brokerage, distribution, and technical and derivatives research firm Motilal Oswal Financial Services Ltd. has selected three large-cap stocks as the top 3 technical trading calls of the week, along with a buy recommendation. The entry price, stop-loss, and target price for L&T Technology Services, Bharat Electronics, and ICICI Bank are as follows.

ICICI Bank

BUY ICICI BANK AT CMP of Rs 1011, STOP-LOSS: Rs 980, TARGET: Rs 1070

Icici bank is in strong up-move and trading at lifetime high territory. The stock has formed a strong Bullish Marubozu on weekly scale and gave the highest weekly close. The stock is trading above its short-term moving averages on daily scale with noticeable volumes. Strong buying interest is visible in the banking sector and stock is likely to outperform in coming sessions. Thus looking at the overall chart setup we recommend to buy the stock with a stop loss below 980 levels on a closing basis for a new upside target towards 1070 zones.

L&T Technology Services

BUY L&T Technology Services at CMP of Rs: 4939, stop-loss: Rs 4700, target: Rs 5300

LTTS gave a range breakout on the weekly scale and structure of higher highs - higher lows are intact on the weekly scale from the past five weeks. It formed a bullish candle on weekly scale and gave the highest weekly close after twelve weeks. On a daily scale as well the structure of higher highs - higher lows is intact from the past three days and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed above 70 zones which indicates strength in the stock. The stock has outperformed within the Midcap IT space and thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 4700 levels on a closing basis for a target towards 5300 zones.

Bharat Electronics

BUY BHARAT ELECTRONICS AT CMP of Rs 159, STOP-LOSS: Rs 153, TARGET: Rs 172

BEL is trading at a new life time high territory and gave a range breakout on a monthly scale. On a weekly scale, the stock formed a strong bullish candle with a good surge in volumes. It is trading above its short-term moving average and RSI is also turning upwards which suggests momentum is likely to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock while keeping stop loss below 153 levels on a closing basis for a new lifetime high towards 172 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.