Stock recommendations from Anand Rathi: Buy Asian Paints, IndiGo

Trading calls by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Shares and Stock Brokers

NIFTY: BUY | TGT 12,200 | SL: 11,900

Nifty closed in the positive territory in the last trading session and with that it has managed to close above 12,000 levels which is very positive in the short term. On the lower side, 11,900 is a crucial support and till the level is held, the probability of Nifty inching towards 12,200 is quite high, hence we recommend buying Nifty for the target of 12,200 with a stop loss of 11,900.

COLPAL: BUY | TGT: Rs 1,670 | SL: Rs 1,570

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

ASIAN PAINTS: BUY | TGT:  Rs 1,900 | Rs SL: Rs 1,790

The stock has formed a nice running triangular pattern on its daily charts in its wave 4 consolidation. The momentum indicator MACD is well in the buy mode on the daily as well as weekly charts, hence we recommend buying it for the target of 1900.

INDIGO:  BUY | TGT Rs 1,580 | SL: Rs 1,440

The stock has formed a symmetrical triangular pattern on the hourly charts after a five wave rise. The stock is expected to form another five wave rise as it is expected to provide a breakout from this consolidation on the upside.