Stocks To Buy: Weekly Trade Call From Bajaj Auto To BHEL By Motilal Oswal

The Technical & Derivatives Team of Broking & Distribution, Motilal Oswal Financial Services Ltd has recommended 3 stocks to buy this week starting from 29th January Monday to 2nd Feb Friday.

The team has initiated a buy call on the shares of Hindustan Copper, Bharat Heavy Electricals and Bajaj Auto. Here is the complete technical analysis of the recommended stocks with entry price, target and stop-loss levels.

Hindustan Copper

BUY HIND COPPER AT CMP of Rs 282, STOP-LOSS: Rs 265, TARGET: Rs 315

Hind copper is in overall uptrend and consolidating on a weekly scale from the past few weeks in between 260 to 290 zones. On a daily scale the stock gave trend line breakout and formed a small bullish candle. It is holding well above its 20DEMA from past many sessions and the base of the stock is shifting higher as buying is visible at lower zones.

Momentum indicator Relative Strength Index (RSI) is also on the verge of positive crossover which suggests momentum to pick up in coming sessions. Thus, looking at the overall chart structure we are recommending to buy the stock with keeping a stop loss below 265 levels on a closing basis for a target towards 315 zones.

Bharat Heavy Electricals

BUY BHEL AT CMP of Rs 220, STOP-LOSS: Rs 210, TARGET: Rs 240

BHEL is in overall uptrend and forming higher lows on monthly scale from past three months. On weekly scale as well, the structure of higher highs - higher lows are intact from past many weeks and formed a Pin bar which suggests buying is visible at lower zones.

On daily scale the stock is gradually moving higher and formed a bullish candle. It is holding its gains in spite of market weakness and holding well above its 20DEMA with noticeable volumes. Momentum indicator Relative Strength Index (RSI) is turning upwards which indicates momentum to pick up in coming sessions. Thus, looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 210 levels on closing basis for a target towards 240 zones.

Bajaj Auto

BUY BAJAJ AUTO AT CMP of Rs 7597, STOP-LOSS: Rs 7350, TARGET: Rs 8000

Bajaj Auto is in overall uptrend at life time high territory and forming higher highs -higher lows on monthly scale from past five months. On weekly scale as well, the uptrend is intact and formed a strong bullish candle with highest weekly close. On daily scale the stock gave fresh consolidation breakout after twelve sessions and holding well above its 20DEMA.

Momentum indicator Relative Strength Index (RSI) is positively placed above 70 zones which indicates strength in the stock and stock has been outperformer within Auto space. Thus, looking at the overall chart set up we recommend to buy the stock with stop loss below 7350 levels on closing basis for a new upside target towards 8000 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.