Nifty outlook and top trading ideas by Jay Anand Thakkar of Anand Rathi

The Nifty is likely to bounce till 12,300 levels in the short-term after which it is again likely to correct

BUY NIFTY | TGT: 12,300 | SL: 12,090

Nifty closed in the positive territory on Thursday, and, with that, the first leg of downside seems to have got over and a bounce back has resumed. The index is likely to bounce till 12,300 levels in the short-term after which it is again likely to correct. Hence, for a bounce, one can buy Nifty for the target of 12,300 with a stop loss of 12,090.

BUY RAMCO CEMENTS | TGT: Rs 920 | SL: Rs 827

The stock has provided a breakout from the symmetrical triangle pattern with a clear buy crossover in its momentum indicators MACD on the daily as well as weekly charts. The stock has been rising in an upward sloping parallel channel and it is likely to inch towards the upper end of the channel.

BUY PEL | TGT: Rs 1,750 | SL: Rs 1,615

The stock has provided a breakout from a sideways consolidation i.e. a symmetrical triangular pattern on the daily charts. The MACD is well in the buy mode on the daily as well as weekly charts.

BUY BIRLASOFT | TGT: Rs 87 | SL: Rs 69

The stock has formed an ascending triangular pattern on the daily charts with a clear buy crossover in its momentum indicator MACD on the daily and weekly charts. The stock is anticipated to provide a breakout on the upside, hence, one can buy for the target of Rs 87 with a stop loss of Rs 69.

Disclaimer: Author may or may not have positions in the above mentioned stocks