Nifty view and stock calls by Anand Rathi: Buy Glenmark Pharma, MPhasis

Glenmark Pharma's stock is taking the support of a rising trend line

BUY NIFTY | TARGET: 11,320 | STOP LOSS: 11,100

The Nifty index continued to make a higher top and higher bottom formation on the daily chart and recently, it has taken the support of its 200-DMA which is placed at 10,860. So, as long as it trades above its 200-DMA, the overall setup looks positive. The momentum indicators and oscillators on the weekly scales are still in buy mode which hints at some buying at lower levels. The volatility index is currently near 23 levels which hints of no major movement in the short term. Thus, short term trader can initiate a long position by keeping a stop loss of 11,100.

BUY UPL | TARGET: Rs 490 | STOP LOSS: Rs 448

The counter is trading in a rising channel and has also formed a bullish engulfing candlestick pattern near its lower rising trend line. The overall setup indicates that the positive momentum might continue towards the upper end of the channel which is placed at 490 levels. It is also taking the support of its short term 21-DMA which is currently placed near 450 levels. The MACD has provided a buy crossover on the hourly chart which hints at a further positive momentum in the counter.

BUY GLENMARK PHARMA | TARGET: Rs 485 | STOP LOSS: Rs 445

The stock is taking the support of a rising trend line and has also formed a morning star candlestick pattern on the daily chart which is a bullish reversal pattern. The MACD has provided a buy crossover and the RSI is making a higher top and higher bottom formation on the daily chart which hints of a further positive momentum in the counter.

BUY MPHASIS | TARGET: Rs 1,250 | STOP LOSS: Rs 1,130

The stock has provided a breakout from a bullish pennant pattern on the daily chart. It is trading well above its short-term and long-term moving averages. It is also making a higher top and a higher bottom pattern on the daily chart. The momentum indicator and oscillator are in buy mode on the weekly scale which hints at further positive momentum in the counter.
Disclaimer: Nilesh Jain is Technical and Derivatives Research analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.