Top stock recommendations from Anand Rathi: Buy Infosys, HDFC Bank

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

NIFTY: BUY | TGT 12,000 | SL: 11,780

Nifty closed in the positive territory in the last trading session and with that it has managed to close above 11,850 levels. The Index seems to have completed a three wave falling structure on the hourly charts and with that wave 4 seems to have completed and wave 5 up seems to have resumed. So, we recommend buying it for the target of 12,000 with a stop loss of 11,780.

HDFC BANK: BUY | TGT: Rs 1,330 | SL: Rs 1,255

The stock has provided a breakout from the falling channel and with that it has resumed its fresh trend on the upside. The daily as well as weekly momentum indicator is well in the buy mode, so one can buy this for the target of Rs 1,330 with a stop loss of Rs 1,255.

ESSEL PROPACK:  BUY | TGT: Rs 158.50 | SL: Rs 128.50

The stock has provided a breakout from the falling channel and with that wave 4 seems to have got over and wave 5 up seems to have started. The minimum target on the upside comes to 158.50; hence one can buy this for the target of Rs 128.50.

INFOSYS: BUY | TGT: Rs 740 | SL: Rs 685

The stock has completed wave 4 on the daily charts with a three wave falling structure and from here on it is likely to form wave 5 up which will eventually fill the bearish gap. The daily momentum indicator MACD has come into buy mode, so we recommend buying for the short term target of Rs 740.
Disclaimer: Author may or may not have positions in the above mentioned stocks