Motilal Oswal Fin. Services is one of the
leading broking services offering a wide range from
equities, commodities, mutual funds, PMS, etc. It has
branches all across India and also owns a strong
fundamental research arm. Moving to the technical
picture, we note that prices were seen in a strong
uptrend immediately after its listing in Sep 2007.
Hitting its high in Jan 08 around 2270 levels, the prices
were seen reversing its trend. This downtrend hit the
prices so hard that it even went on to break its listing
low and was seen settling at a low of around 515
levels. Slipping into sideways, volume was seen
building up during this phase and with last weeks
smart rise volumes shot up quite well. Recent set of
rise was also seen in sync with the Stochastic
momentum indicator which moved into its overbought
zone. The Bollinger bands widening has further
strengthened the trend and a fresh move is in the offing.
Hence we suggest a fresh buy at the current
levels or dip to 700-695 with stop of 35 points. Targets
expected are 775/836/882 levels in near term.