3 hot stock picks from Motilal Oswal Securities

Chandan Taparia, Technical & Derivative analyst at Motilal Oswal Securities, recommends the following stocks:

BATA INDIA

Reco: BUY

Last Close: 530

Stop Loss : 517

Target : 555

It has taken the support at previous swing high and formed a bullish candle even after the weakness in the broader market. RSI also suggests a buy signal with better risk – reward ratio. Thus, one can buy with stop loss of 517 for an upside move towards 555.

HEROMOTO CORP

Reco: BUY

Last Close: 3695

Stop Loss : 3636

Target : 3820

It has managed to hold immediate support of 3636 and given a reversal with the Bullish Hammer candle. Major trend of the stock is positive and recent decline provides a fresh opportunity for an upside move towards 3820.

ULTRATECH CEMENT

Reco: Sell

Last Close: 3878

Stop Loss : 4000

Target : 3650

It has broken Daily and Weekly support of 4000 and formed a negative price pattern. It has been making lower top – lower bottom on the weekly chart and till it remains below 4000 zones, weakness could prevail for a downside move towards 3650.