 "Technical calls from Anand Rathi: Buy Exide Industries, Hindustan Zinc")
Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
NIFTY - BUY
TARGET: 10,740
STOP LOSS: 10,590
The Index has been consolidating within a range of 10550-10590 on the lower side to 10700-10740 on the upside. Now, in the yesterdays trading session the Index has reversed from the lower end of the range, hence a bounce back towards the upper end of the range is expected, so we recommend initiating a buy for the target of 10740 with a stop loss of 10590.
APOLLO HOSPITALS - BUY
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TARGET: Rs 1,170
STOP LOSS: Rs 1,018
Apollo Hospitals has clearly provided a breakout from a downtrend line resistance with a buy crossover in its momentum indicator MACD. The stock has also started to form higher tops and higher bottoms which is also a positive sign going forward.
HINDUSTAN ZINC - BUY
TARGET: Rs 295
STOP LOSS: Rs 272
HINDZINC has formed a falling wedge pattern on the daily charts and the stock has reversed from the lower end of the pattern which is a bullish reversal patter. The momentum indicator MACD has reversed from an oversold territory on the hourly charts which are quite a positive thing in the short term. A minimum of 23.60% to 38.2% retracement of the fall can’t be ruled out; hence we recommend a buy on it.
EXIDE INDUSTRIES - BUY
TARGET: Rs 270
STOP LOSS: Rs 250
Exide has provided a breakout from a symmetrical triangular pattern on the daily charts with a buy crossover in its momentum indicator MACD. The daily MACD has just reversed from the zero reference line which increases the upside probability, so we recommend a buy on it.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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