MOTILAL OSWAL FI­NAN­CIAL SER­VICE

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Can I en­ter Motilal Oswal at the cur­rent price to re­cover my ear­lier losses?

- Nir­mal V

AVOID MOTILAL OSWAL FI­NAN­CIAL SER­VICES FOR NOW

Motilal Oswal is cur­rently trad­ing at Rs 838.70. Its 52-week high/low stand at Rs 1585/ Rs 735.30 made on Jan­uary 1, 2018 and June 28, 2018, re­spec­tively, sug­gest­ing a steep slope since the start of 2018. Con­sid­er­ing the weekly time frame, the stock had hit dou­ble top at Rs 1585 level dur­ing Jan 5 and Jan 12 weeks and, thereby, wit­nessed a sharp fall up to Rs 735 level, where it took 200-pe­riod EMA sup­port and at­tempted a bounce back. Re­cently, the stock wit­nessed con­sol­i­da­tion at the lower lev­els for al­most eight weeks and has re­sis­tance at 23.6% re­trace­ment of the prior down­ward rally from Rs 1585 to Rs 735. On the daily time frame, the stock bounced and breached its first re­sis­tance at Rs 895 level, but re­treated to trade lower. Fur­ther, the stock is trad­ing be­low its 50-day, 100-day and 200-day EMA lev­els and the ris­ing vol­umes and os­cil­la­tors sup­port the re­treat. We sug­gest you to avoid for now as the stock looks bet­ter above Rs 947.

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