Stocks To Buy This Week: 3 Technical Picks By Motilal Oswal With Buy Rating

The technical & derivatives ream, broking & distribution, Motilal Oswal Financial Services Ltd has picked up 3 stocks as its top 3 technical picks of the week with a buy rating. Here are the entry price, stop-loss and target price of Hindustan Aeronautics, Bharti Airtel and Granules India.

Hindustan Aeronautics

BUY HINDUSTAN AERONAUTICS @ CMP of Rs 2240, STOP-LOSS: Rs 2150, TARGET: Rs 2450

HAL is in an overall uptrend and trading at a life-time high territory. The stock gave a range breakout on weekly scale after twenty-three weeks and formed a strong bullish candle.

It has also formed higher highs - higher lows from the past three weeks and gave the highest daily close. The stock is trading above its short-term moving averages on daily scale with noticeable volumes. Buying interest is visible in the Defense sector and the stock is likely to outperform in the coming sessions. Thus looking at the overall chart setup we recommend to buy the stock with a stop loss below 2150 levels on a closing basis for a new upside target towards 2450 zones.

Bharti Airtel

BUY BHARTI AIRTEL @ CMP of Rs 973, STOP-LOSS: Rs 945, TARGET: Rs 1050

Bharti Airtel is in an overall uptrend and structure of higher highs - higher lows are intact on a monthly scale. On the weekly scale, the trend is strong and it formed a strong bullish candle with the highest weekly close. On a daily scale supports are gradually shifting higher and stock is taking multiple supports near its 50 DEMA.

Momentum indicator Relative Strength Index (RSI) is positively placed which indicates strength in the stock. The stock has been outperformed within the telecom space and is likely to scale new record highs. Thus looking at the overall chart structure we are recommending to buy the stock while keeping stop loss below 945 levels on a closing basis for a target towards 1050 zones.

Granules India

BUY GRANULES @ CMP of Rs 387, STOP-LOSS: Rs 372, TARGET: Rs 420

Granules India gave a range breakout on weekly scale and formed a strong bullish candle with noticeable volumes. On daily scale, it has a classical Pole and Flag breakout with the highest daily close in the past thirty-four sessions.
It is trading above its short-term moving average and the RSI is also at 70 zones 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 372 levels on a closing basis for a target towards 420 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.