Stock recommendations from Anand Rathi: Buy HDFC Bank, Bajaj Finserv

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

NIFTY: BUY

TARGET: 11,710

STOP LOSS: 11,480

Nifty closed in the positive territory and it has achieved our short term target of 11550, now above 11625 it will zoon towards 11710 levels. The daily as well as hourly momentum indicator MACD has provided a buy crossover, hence the trend remains bullish. So, we recommend buying Nifty for the target of 11710 with a stop loss of 11480.

BAJAJ FINSERV: BUY

TARGET: Rs 8,600

STOP LOSS: Rs 8,100

The stock has provided a breakout from the falling channel on the daily charts with a buy crossover in its daily momentum indicators. The stock seems to have completed a wave IV on the daily charts and wave V up seems to have started.

GODREJ CONSUMER PRODUCTS: BUY

TARGET: Rs 745

STOP LOSS: Rs 699

The stock has provided a breakout from the sideways consolidation after having provided a breakout from the falling wedge pattern. The daily as well as weekly momentum indicator MACD is well in the buy mode, hence we recommend buying it for the target of 745 with a stop loss of 699.

HDFC BANK: BUY

TARGET: Rs 1,274

STOP LOSS: Rs 1,195

The stock has provided a breakout from the falling channel with a buy crossover in its hourly as well as daily momentum indicator. The move prior to this channel breakout was an impulsive move; hence another impulse on the way up is expected from here on.

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Disclaimer: Views expressed are the author's own. He may have positions in one or more stocks.