 "Top trading calls by Anand Rathi: Buy Apollo Hospitals, CGPOWER")
NIFTY: BUY
TARGET: 10980
STOP LOSS: 10750
Nifty closed in the positive territory in the last trading session and well above its 200DMA. Now, the Index has taken off its previous weekly swing high which indicates that the Bulls are back in December series as well. Now, on the lower side 10750 is a very crucial support and till those lows aren’t broken the target on the upside comes to 10980 and thereafter 11200 levels.
CGPOWER: BUY
TARGET: Rs 48.50
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STOP LOSS: Rs 37.50
The stock after posting a positive monthly close seems to have completed five waves declining structure on the monthly charts. A minimum retracement of the entire fall is expected which comes to 48.50. The previous swing low is now the support; hence the stop loss can be placed at 37.50.
COROMANDEL: BUY
TARGET: Rs 469
STOP LOSS: 394
The stock has formed an inverse head and shoulders pattern on the daily chart and it has formed this bullish reversal pattern after forming a “hammer candlestick pattern” on the monthly charts. The conservative target on the upside comes to 469 whereas the support or stop loss is pegged at 394.
APOLLO HOSPITALS: BUY
TARGET: Rs 1380
STOP LOSS: 1245
The stock has again confirmed higher tops and higher bottom formations after having broken from an inverse head and shoulders pattern as well as from the falling channel pattern. The momentum indicators are well in buy mode in the short as well as medium term.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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