From BoB To NTPC: Weekly Technical Trading Guide By Motilal Oswal

This week, from Monday, March 11 to Friday, March 15, the technical & derivatives team of broking & distribution company Motilal Oswal Financial Services Ltd. recommended three stocks for buy or sell. The team has initiated buy calls on NTPC, Oracle Financial Services Software Ltd., and Bank of Baroda shares. For your weekly trading assistance, check out the comprehensive technical analysis of the stocks below, provided exclusively by Motilal Oswal on Goodreturns.in

Bank of Baroda

BUY BANK OF BARODA AT CMP of Rs 282, STOP-LOSS: Rs 270, TARGET: Rs 305

Bank of Baroda is in an overall uptrend and forming higher lows on a monthly scale from the past six months. On weekly scale it formed a strong bullish candle and gave a range breakout after three weeks with the highest weekly close. On a daily scale the stock is consolidating at higher zones and perfectly respecting to its 20 DEMA. The stock has been a huge outperformer within PSU banks and is likely to scale new record highs.

Momentum indicator Relative Strength Index (RSI) is also moving northward which indicates momentum to pick up in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock while keeping stop loss below 270 levels on a closing basis for a new lifetime high target towards 305 zones.

Oracle Financial Services Software Ltd (OFSS)

BUY OFSS AT CMP of Rs 8301, STOP-LOSS: Rs 8000, TARGET: Rs 8888

OFSS is trading at a new lifetime high territory and gave a range breakout on weekly scale with a strong bullish candle. On daily scale as well the stock formed a small bullish candle and managed to close above its crucial hurdle of 8150 zones. It is forming higher lows from the past two sessions and trading above its short-term moving average. RSI is also moving northward 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 8000 levels on closing basis for a new lifetime high towards 8888 zones.

NTPC

BUY NTPC AT CMP of Rs 352, STOP-LOSS: Rs 336, TARGET: Rs 385

NTPC is trading at lifetime high territory and forming higher lows on monthly scale from the past nine months. It gave a consolidation breakout on weekly scale after four weeks and formed a small bullish candle. On daily scale the stock is consolidating at higher zones and gave the highest weekly close. It is holding well above its 20 DEMA and stock has been a huge outperformer within the CPSE 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 the stop loss below 336 levels on a closing basis for a target towards 385 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.