Market Trading Guide: Motilal Oswal among 4 stock recommendations for Wednesday
Strong Q2 business updates from financials and retail companies along with supportive global cues, the decline in oil prices improved investors' sentiment and supported a rebound from the oversold levels. Domestically, attention now shifts to the Q2 earnings season for silver lining amidst weak sequential expectations due to elevated input costs. Analysts say large-cap stocks remain relatively better placed, supported by attractive valuations and a stronger ability to absorb cost pressures. Investors also remain cautious ahead of the RBI policy decision, with focus firmly on the central bank's inflation outlook and guidance on further policy tightening. Here are 4 stock recommendations that could offer good returns in the medium term
Stop loss: 814 Target: 930 Sky Gold has delivered a decisive breakout above the 850-855 resistance zone, indicating a continuation of its strong primary uptrend. The stock had been consolidating in a narrow range over the past few weeks, and the recent breakout suggests renewed buying interest and fresh momentum. Price action remains firmly above its 20-day, 50-day and 100-day moving averages, highlighting the strength of the underlying trend. Vaishali Patel, Senior Manager - Research- Technical Department at Jainam
Stop loss: 1348 Target: 1464 Rane (Madras) is trading near a crucial resistance zone and appears to be on the verge of a falling trendline breakout after a strong recovery from its September lows. The stock continues to maintain a higher high-higher low structure and is comfortably placed above its key moving averages on daily chart. The stock is currently attempting to overcome the trendline resistance drawn from the recent swing highs, and a decisive breakout could trigger fresh buying interest. Vaishali Patel, Senior Manager - Research- Technical Department at Jainam
Stop loss: 1020 Target: 1200 Motilal Oswal Financial Services Limited demonstrates a decisive horizontal resistance breakout on the daily chart, pushing to 1,081.20 (+6.93%). Trading comfortably above its key 20/50/100/200 EMAs with expanding volume and a bullish RSI crossover rising past 65.29, the setup confirms accelerated upside momentum toward 1,200.00. Virat Jagad, Sr Technical Research Analyst at Bonanza
Stop loss: 163 Target: 193 Urban Company demonstrates a decisive breakout from a symmetrical triangle/descending trendline structure on the daily chart, pushing to 173.54 (+8.74%). Trading comfortably above its key 20/50/100/200 EMAs with expanding volume and a bullish RSI crossover past signal lines to 58.76, the setup confirms accelerated upside momentum toward 193. Virat Jagad, Sr Technical Research Analyst at Bonanza
