MOTILAL OSWAL FINANCIAL SERVICE
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.