Stock calls by Anand Rathi: Buy Bajaj Finserv, CESC and OFSS

Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT - Assistant Vice President - Equity Research, Anand Rathi Shares, and Stock Brokers.

NIFTY: BUY 

TARGET: 12,300 

STOP LOSS: 12,020

Nifty closed in the positive territory in the last trading session and it has provided a breakout from the ascending triangular pattern formed on the hourly charts. The index has formed a new lifetime high and the momentum indicator MACD (moving average convergence divergence) has also provided a buy crossover on the hourly, daily, weekly and monthly charts which is quite positive going ahead. 

BAJAJ FINSERV: BUY 

TARGET: Rs 9,000 

STOP LOSS: Rs 8,190

The stock has provided a breakout from the symmetrical triangular pattern on the daily chart which is quite positive in the short term. The daily as well as weekly momentum indicator MACD is also well in the buy mode. Hence, one can buy this for the target of Rs 9,000 with a stop loss of Rs 8,190 levels.

CESC: BUY 

TARGET: Rs 825 

STOP LOSS: Rs 735

The stock has provided a breakout from the base triangular pattern i.e. a broadening triangular pattern formed at the lower end of the fall; hence, it is considered as a reversal breakout. The MACD has provided a buy crossover with a positive divergence.

OFSS: BUY 

TARGET: Rs 3,643 

STOP LOSS: Rs 3,360

The stock has formed a multiple swing supports around Rs 3,360 levels and it has provided a buy crossover in its daily MACD. The rise prior to this reversal was an impulse move i.e. a five waves rising structure; hence, another impulse on the way up is expected now.

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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.