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Motilal Oswal Report
Technical And Derivatives Diwali Picks - Samvat 2078
State Bank of India
The SBI stock has given a triangle breakout on the daily scale.
It is sustaining above the breakout zone and started the next leg on the upside indicating strength.
Relative strength index oscillator is placed in the bullish zone which will support the upmove.
Considering the current chart structure, we expect the stock to inch higher towards Rs 600 levels.
Hence we advise to buy the stock in the range of Rs 503-490 with a stop loss of Rs 450.
Larsen and Toubro Ltd.
L&T stock has given a breakout of the inverse head and shoulder pattern on the weekly scale which has bullish implication.
It is continuously forming higher-highs and higher-lows on the weekly charts indicating positive structure.
Relative strength index oscillator is positively placed indicating strength in the counter for higher level.
Considering the current chart structure, we expect the stock to inch higher towards 2,200 levels.
Click on the attachment for full list of Motilal Oswal's Diwali stock picks:
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