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

The dip in Nifty should be utilized as a buying opportunity for the target of 12,150

NIFTY: BUY | TGT: 12,150 | SL: 11,950

Nifty closed in the negative territory in the last trading session, however, the fall seems to be corrective; hence, the dip should be utilized as a buying opportunity for the target of 12,150 with a stop loss of 11,950.

MCDOWELL HOLDINGS: BUY | TGT: Rs 780 | SL: Rs 649

The stock has provided a breakout from the ascending triangular pattern with a clear buy crossover in its daily as well as weekly momentum indicator MACD.

RELIANCE INDUSTRIES: BUY | TGT: Rs 1,534 | SL: Rs 1,410

The stock seems to have completed wave 2/B correction and with yesterday’s positive close wave 3/C seems to have started, hence, one can buy it for the target of Rs 1,534 with a stop loss of Rs 1,410.

NIPPON LIFE INDIA ASSET MANAGEMENT: BUY | TGT: Rs 450 | SL: Rs 368

The stock has provided a breakout from the falling channel with a clear buy crossover in its daily to monthly momentum indicators and with this breakout wave 3 up seems to have started.
Disclaimer: Author may or may not have positions in the above mentioned stocks