 "Top trading calls by Anand Rathi: Buy Balkrishna Ind, Praj Ind and Ceat")
NIFTY: BUY
TARGET: 10,930
STOP LOSS: 10830
Nifty has been forming higher tops and higher bottoms on the hourly charts and it has retraced 50 per cent of the recent eight-day fall. The index is expected to retrace 61.8 per cent of the entire fall; hence, the short-term target stands at 10,930, whereas the stop loss is pegged at 10,830.
BALKRISHNA INDUSTRIES: BUY
TARGET: Rs 905
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STOP LOSS: Rs 845
The stock has provided a breakout from the symmetrical triangular pattern on the daily as well as hourly charts. The daily as well as hourly momentum indicator is also well in buy mode; hence, we recommend buying it for the target of Rs 905 with a stop loss of Rs 845.
PRAJ INDUSTRIES: BUY
TARGET: Rs 162
STOP LOSS: Rs 140
The stock has been forming higher tops and bottoms on the daily charts with a clear buy crossover in its momentum indicator with a positive divergence; hence, we recommend buying it for the target of Rs 162 with a stop loss of Rs 140.
CEAT: BUY
TARGET: Rs 1,125
STOP LOSS: Rs 1,052
The stock seems to have completed a 5-wave declining structure on the daily as well as weekly charts. The momentum indicator moving average convergence divergence (MACD) is also well in the buy mode. Hence, a retracement of the entire fall is expected which comes at Rs 1,125. The reversal on the lower side is pegged at Rs 1,052.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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