Stocks To Buy This Week: Motilal Oswal Suggest 3 Technical Picks

The BSE Sensex fell 106 points on July 28 to settle at 66,160, while the Nifty50 lost 14 points to close at 19,656. Here is the stock suggestion for the week presented by the Technical & Derivatives team, Broking & Distribution, Motilal Oswal Financial Services Ltd., amid Q1 results and global cues that would be crucial in determining market patterns.

Apollo Hospitals

BUY APOLLO HOSPITAL At CMP Rs 5347, Stop-Loss Rs 5200, Target: Rs 5600

Apollo Hospital is in an overall uptrend on a monthly scale and it formed a strong bullish candle on the weekly scale. It gave a Triangle Breakout on the daily scale after thirty sessions with strong closing above 5300 zones. It also formed a strong Bullish Marubozu candle and held well above its 20DEMA. RSI is also moving northward which suggests momentum is likely to continue in the stock. Good momentum is seen in the Pharma space and stock is likely to scale to previous lifetime highs. Thus, recommending to buy the stock with keeping the stop loss below 5200 levels for an upside target towards 5600 zones.

Jindal Steel And Power

BUY JINDAL STEEL & POWER At CMP Rs 665, Stop-Loss: Rs 645, Target: Rs 700

Jindal Steel & Power has given a trend line breakout on the weekly chart and formed higher lows from the past eight weeks which suggests support is shifting higher. On a daily scale, it formed a Hammer candle and held well above its 10DEMA. RSI is holding well above 70 zones which suggest overall strength in the stock. Strong outperformance is seen in the Metal pack and stock is likely to move northwards. Thus, recommending to buy the stock with a keeping stop loss below 645 for an upside move towards 700 levels.

Cummins India

BUY CUMMINS INDIA At CMP Rs 1955, Stop-Loss: Rs 1890, Target: Rs 2060

Cummins India is in an overall uptrend on a monthly scale and trading near its lifetime high territory. The stock is on the verge of giving a range breakout on the weekly and daily scale. It formed a strong bullish candle on the daily scale and gave the highest close ever. RSI has given a falling supply trend line breakout on the daily scale which suggests momentum is likely to continue in coming sessions. Thus, recommending to buy the stock with a keeping stop loss below 1890 for an upside move towards 2060 levels.

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.