Weekly Trading Guide: 3 Technical Stock Recommendations By Motilal Oswal

Over the course of the stock market trading week, which began on Monday, February 26 and ends on Friday, March 1, Motilal Oswal Financial Services Ltd.'s technical and derivatives team saw potential upside on three well-known stocks. The team recommended buying shares of M&M, ICICI Bank, and Godrej Properties based on in-depth technical research.

M&M

BUY M&M AT CMP: Rs 1929, STOP-LOSS: Rs 1860, TARGET: Rs 2080

M&M is in an overall uptrend and trading at a lifetime high territory. On the monthly scale, it forms a higher lows structure while on a weekly scale, it gives a channel breakout with a good volume surge. On a daily scale, it is forming higher highs - higher lows from the past few sessions and supports are gradually shifting higher. It is trading above its short-term moving averages and the stock has been a huge outperformer within the Auto space.

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 we are recommending to buy the stock while keeping the stop loss below 1860 levels on closing basis for a new life time high target towards 2080 zones.

ICICI Bank

BUY ICICI BANK AT CMP: Rs 1061, STOP-LOSS: Rs 1025, TARGET: Rs 1140

ICICI Bank is trading at a lifetime high territory and forming higher highs - higher lows on a monthly scale from the past three months. It gave a consolidation breakout on the weekly scale after ten weeks and formed a strong bullish candle. On a daily scale the structure of higher highs - higher lows is intact and stock managed to close above 1040 zones. It is holding well above its 20 DEMA and the stock has been a huge outperformer within the Banking space.

Momentum indicator Relative Strength Index (RSI) is holding at higher zones which suggests momentum to continue in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock while keeping stop loss below 1025 levels on closing basis for a target towards 1140 zones.

Godrej Properties

BUY GODREJ PROP AT CMP: Rs 2468, STOP-LOSS: Rs 2360, TARGET: Rs 2666

Godrej Prop is in a continuous uptrend and forming higher top- higher bottom formation on a monthly scale from the past five months. On the weekly scale, it gave a consolidation breakout above 2400 zones after five weeks while on a daily scale, it gave a trend line breakout. It is forming higher highs - higher lows on a daily scale from the past three sessions and perfectly respecting to its 50DEMA.

Good buying interest is visible across the Realty space and looking at the chart set up the stock is likely to scale new record highs in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 2360 levels on closing basis for a new lifetime target towards 2666 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.