Top stock recommendations from Anand Rathi: Buy Deepak Nitrite, Mcdowell

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

NIFTY: SELL | TGT: 12,000 | SL: 12,231

Nifty closed in the negative territory on Thursday and with that it appears that the index has a resistance at 12,231. On the lower side, the index is likely to slip till 12,000 levels which is the next immediate support. The momentum indicator MACD is in the sell mode on the hourly charts, hence the probability of the index having formed expanded flat is quite high.

MCDOWELL: BUY | TGT: Rs 801 | SL: Rs 649

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

DEEPAK NITRITE: BUY | TGT: Rs 460 | SL: Rs 413

The stock seems to have started wave III of wave 5 up and it has been moving higher in an upward sloping parallel channel. The daily as well as weekly momentum indicators are well in the buy mode, hence, one can buy Deepak Nitrate for the target of Rs 460 with a stop loss of Rs 413.

TATA INVESTMENT CORPORATION: BUY | TGT: Rs 1,050 | SL: Rs 900

The stock has provided a breakout from the falling channel with a clear buy crossover in its daily to monthly momentum indicators and with this breakout wave 5 up seems to have started.

Disclaimer: Author may or may not have positions in the above mentioned stocks