Nifty view & stock calls by Anand Rathi: Buy Bharti Airtel, Manappuram Fin

BUY NIFTY | TARGET: 11,200 | STOP LOSS: 10,870

The Nifty index continued to make a higher top and a higher bottom pattern. On the daily chart, the Nifty index also surpassed its major hurdle of 200-DMA which is placed at 10,870 levels. It was earlier acting as major resistance and now it will act as immediate support. The momentum indicators and oscillators are very well in the buy mode on the weekly scale which hints that bulls are making a comeback and the current pullback is likely to extend further. The volatility index IndiaVIX is hovering near 25 levels which is giving comfort to the bulls. Thus, aggressive traders can initiate a long position with a strict stop loss of 10,870.

BUY MANAPPURAM FIN | TARGET:  Rs 178 | STOP LOSS: Rs 160

The stock has provided a breakout from consolidation on the daily chart. It is also taking the support of its 21-DMA which is also placed near 1,100 levels. The MACD has provided fresh buy crossover on the daily chart. The momentum indicator RSI is also breached its falling trend line, which hints that the current rally is likely to continue further.

BUY SIEMENS | TARGET: Rs 1,240 | STOP LOSS: Rs 1,150

The stock is making a higher top and a higher bottom pattern on the daily chart. It has also provided breakout from a symmetrical triangle formation on the daily chart with higher than average volumes. It is also taking constant support of its 21-day and 50-day short term moving average and also trading well above its long term moving averages. The momentum oscillator MACD has also provided fresh buy crossover on the daily chart which hints of positive momentum to continue in the short term.

BUY BHARTI AIRTEL | TARGET: Rs 600 | STOP LOSS: Rs 560

The stock is consolidating in a broader range from past 1-month and also taking constant support of a rising trend line which is placed at 560. The overall structure indicates that it is likely to test the upper end of the range. The MACD has provided a buy crossover on the daily chart which hints of a further positive momentum in the counter.

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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks.Views are personal.