Top stock recommendations by Anand Rathi: Buy Voltas, Reliance Ind, Concor

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

NIFTY: BUY

TGT: 11,750

SL: 10,400

Nifty closed in the positive territory in the last trading session and it has formed a falling channel on the hourly charts. The stock has also formed an inverse head and shoulders pattern on the hourly charts and the breakout from both inverse H&S as well as channel is above 11,615 levels. The support is pegged at 11,500 on immediate basis and below those 11,400 levels. The daily as well as weekly MACD is well in buy mode, hence we recommend buying it for the target of 11,750 with a stop loss of 11,400.

CONCOR: BUY

TGT: Rs 700

SL: Rs 580

The stock has provided a breakout from the ascending triangular pattern with a clear buy crossover in its momentum indicators on the daily, weekly and monthly MACD. The stock has also formed a new life time high; hence the overall momentum is absolutely in favor of the bulls. The volumes have expanded with a breakout on the upside.

VOLTAS: BUY

TGT:  Rs 730

SL: Rs 650

The stock has provided a breakout from the falling channel that was formed in its wave 4 on the weekly as well as monthly charts and with a breakout above the same the stock has started wave 5 up. 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 Rs 730 with a stop loss of Rs 650.

RELIANCE: BUY

TGT: Rs 1,370

SL: Rs 1,260

The stock has provided a breakout from the downtrend line as well as it has been forming higher tops and bottoms with impulse formations on the hourly charts. The momentum indicator MACD is also well in the buy mode, so we recommend buying it for the target of Rs 1,370 with a stop loss of Rs 1,260.

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Disclaimer: Views expressed are personal. The analyst may have positions in one or all of the above mentioned stocks.