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

Three large-cap companies have been picked as the top 3 technical trade calls of the week with a buy recommendation by Motilal Oswal Financial Services Ltd., which handles brokerage, distribution, and technical and derivatives research. Here are L&T, Bharat Forge, and GAIL's entry price, stop-loss, and target price.

L&T

BUY LARSEN & TOUBRO AT CMP of Rs 3190, STOP-LOSS: Rs 3090, TARGET: Rs 3400

Larsen is in an overall uptrend and trading at a lifetime-high territory. The stock gave a range breakout on weekly scale after eight weeks and formed a strong bullish candle.

It also formed higher lows from the past four weeks and gave the highest weekly close. The stock is trading above its short-term moving averages on daily scale with noticeable volumes. Buying interest is visible in the Capital sector and the stock is likely to outperform in coming sessions. Thus, looking at the overall chart set up we recommend to buy the stock with a stop loss below 3090 levels on a closing basis for a new upside target towards 3400 zones.

Bharat Forge

BUY BHARAT FORGE AT CMP of Rs 1156, STOP-LOSS: Rs 1111, TARGET: Rs 1250

Bharat Forge is in an overall uptrend and structure of higher highs - higher lows are intact on weekly scale from the past four weeks. It also formed a strong bullish candle on a weekly scale and the highest ever-close. On a daily scale, a structure of higher highs - higher lows is intact 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 been outperformed within the Auto ancillary space and is likely to scale new record highs. Thus, looking at the overall chart structure we are recommending to buy the stock with keeping the stop loss below 1111 levels on a closing basis for a target towards 1250 zones.

GAIL

BUY GAIL AT CMP of Rs 136, STOP-LOSS: Rs 131, TARGET: Rs 145

Gail India is trading at a new lifetime high territory and forming higher highs - higher lows structure on a monthly scale from the past six months. On a weekly scale, it gave fresh consolidation after twelve weeks and formed a strong bullish candle.

It is trading above its short-term moving average and the 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 with keeping stop loss below 131 levels on a closing basis for a target towards 145 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.