Top stock picks by Anand Rathi: Buy Tech Mahindra, HUL, NIIT Tech

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

BUY NIFTY

TARGET: 10,600

STOP-LOSS: 10,864

The Nifty closed deep in the negative territory on Thursday, and with that the wave Z/5 seems to have formed. The Index is likely to fall till 10,600 levels in the short term whereas on the upside there exists a resistance at 10,840 levels; hence, till those levels aren’t broken, the overall outlook remains negative, so we recommend selling for the target of 10,600 with a stop loss of 10,864.

BUY HINDUSTAN UNILEVER

TARGET: Rs 1,980

STOP-LOSS: Rs 1,830

The stock has provided a breakout from the rectangular pattern that is formed on the daily charts and is likely to meet the short term target of Rs 1,980 on the upside as the momentum indicator MACD is well in the buy mode both of the daily as well as weekly charts.

BUY NIIT TECHNOLOGIES

TARGET: Rs 1,460

STOP-LOSS: Rs 1,330

The stock has provided a breakout from the expanding triangular pattern on the daily charts and the momentum indicator MACD is well in the buy mode both on the daily as well as weekly charts, hence we recommend buying this stock for the short term.

BUY TECH MAHINDRA

TARGET: Rs 705

STOP-LOSS: Rs 666

The stock has provided a breakout from the inverse head and shoulders pattern which is a bullish reversal pattern, hence we recommend buying this stock for the short term target of Rs 705 with a stop loss of Rs 666.

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