Weekly Stock Picks: 3 Technical Buy Calls By Motilal Oswal

Based on a technical analysis, the technical and derivatives team of Motilal Oswal Financial Services Ltd.'s broking and distribution division has recommended three stocks to buy this week. The Reserve Bank of India's Monetary Policy Committee is scheduled to meet from April 3-5, 2024, to determine policy rates, which could potentially cause market volatility.

LARSEN & TOUBRO

BUY LARSEN & TOUBRO LTD AT CMP: Rs 3764, STOP-LOSS: Rs 3660, TARGET: Rs 3950

Larsen is in an overall uptrend and formed a strong bullish candle on a monthly scale. On a weekly scale, the stock gave a range breakout above 3700 zones with the highest weekly close. On daily scale the stock gave a Cup and Handle breakout which has bullish implications with a good surge in volumes. The stock has been a huge outperformer within the Capital space and is likely to scale new record highs in coming sessions. 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 the stop loss below 3660 levels on a closing basis for a new lifetime high target towards 3950 zones.

HAVELLS INDIA

BUY HAVELLS INDIA AT CMP: Rs 1515, STOP-LOSS: Rs 1465, TARGET: Rs 1620

Havells India gave multi-month breakout after thirty months with a good surge in volumes. On a weekly scale, the stock retested its previous breakout zone and formed a strong bullish candle. The stock also negated lower highs - lower lows formation after three weeks and holding well above 1480 zones. On a daily scale the stock is holding well above its 50DEMA and risk reward is quite favourable at the current juncture. Thus looking at the overall chart structure we are recommending to buy the stock while keeping the stop loss below 1465 levels on a closing basis for a new lifetime high target towards 1620 zones.

INDIAN HOTEL

BUY INDIAN HOTEL AT CMP: Rs 591, STOP-LOSS: Rs 570, TARGET: Rs 650

Indian hotel is in an overall uptrend and forming higher lows on a monthly scale from the past five months. On a weekly scale, the stock formed a strong bullish marubozu candle with buying interest seen in Hotel space. On a daily scale, the stock gave a trend line breakout with a decent surge in volumes. 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 recommending to buy the stock while keeping stop loss below 570 levels on a closing basis for a target towards 650 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.