Weekly Stocks: Motilal Oswal recommends these three shares to buy this week

The Sensex commenced trading at 73,666.51, compared to its previous close of 73,088.33, reaching its intraday high and low at 73,767.80 and 73,227.32, respectively. Ultimately, the index concluded the day at 73,648.62, marking an increase of 560 points or 0.77 percent.

Meanwhile, the Nifty 50 began at 22,336.90, in contrast to its prior close of 22,147, with its intraday high and low hitting 22,375.65 and 22,198.15, respectively. The index wrapped up the day at 22,336.40, rising by 189 points or 0.86 percent.

Also read: HUL, Colgate-Palmolive, MRF, ABB feature among 5 prominent stock investments by Amit Shah in the listed companies

"Nifty opened higher and maintained its strength throughout the session to close at days' high with gains of 189 points (+0.9%) at 22,336 levels. Broader market too saw similar gains with Midcap100/Smallcap100 up 0.8%/1.3%. Majority sectors ended in green with PSU Banks rallying 3%, followed by consumer durable. Capital goods, pharma, auto and fertilizer stocks were other major gainers. Positive global cues provided support to the market as the tensions eased out a little in the Middle East, while China left its prime lending rate untouched. Oil prices too have eased off to $86 following reduced geopolitical tension and expectation of OPEC to increase oil production. On the domestic front, hope of normal monsoon and above expected direct tax collection added fuel to the market sentiments. PSU Banks witnessed fresh buying today following the news that the Centre may disinvest minority stakes in five public sector banks (PSBs) if they fail to comply with the minimum public shareholding (MPS) norm by raising fresh capital from the market in a year," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are weekly stock recommendations by brokerage firm Motilal Oswal -

Hindustan Aeronautics: Buy at ₹3751 | Target price: ₹3600 | Stop Loss: ₹4050

HAL is in overall uptrend and forming higher lows on monthly scale from past five months. On weekly scale the stock is forming higher lows from past four weeks and gave highest weekly close. On daily scale the stock gave consolidation breakout above 3650 zones and formed a strong bullish candle with good surge in volumes. It is taking multiple support near its 50DEMA and base of the stock is shifting higher. 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 with keeping stop loss below 3600 levels on closing basis for a new life time high target towards 4050 zones.

Also read: Expert view: Worsening geopolitics biggest worry; bullish on banks and NBFCs, says Amar Ambani of YES Securities

Trent: Buy at ₹4158 | Target price: ₹3950 | Stop Loss: ₹4500

Trent is strong uptrend and in on the verge of Pole & Flag breakout on weekly chart after nine weeks. On daily scale the stock formed a strong bullish candle with long lower shadow and gave highest daily close. The stock is perfectly holding to its 20DEMA and been a big outperformer within midcap space. Momentum indicator Relative Strength Index (RSI) is also on the verge of positive crossover 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 3950 levels on closing basis for a new high target towards 4500 zones.

Escorts: Buy at ₹3106 | Target price: ₹2970 | Stop Loss: ₹3400

Escorts has seen good recovery from lower zones on monthly scale and formed a strong bullish candle as it negated the formation of lower lows after six months. On weekly scale the stock gave falling supply trend line breakout above 3040 zones and formed a bullish candle. On daily scale stock is trading above its short term moving averages and risk reward is quite favourable at current juncture. Momentum indicator Relative Strength Index (RSI) is also moving higher which indicates momentum to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock with keeping stop loss below 2970 levels on closing basis for a target towards 3400 zones.lso

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Published: 23 Apr 2024, 06:05 AM IST