 "Top trading calls by Anand Rathi: Buy UPL, Cyient and Tata Communications")
Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT - Assistant Vice President - Equity Research, Anand Rathi Shares and Stock Brokers.
NIFTY: BUY
TARGET: 10,800
STOP LOSS: 10,583
Nifty has again taken good support at its uptrend line and 10,583 level now appears to be a very crucial support. On the lower side, until 10,583 levels are not broken in the short term, the bulls may hope for a bounce back till 10,800 levels. The short term momentum indicator is well in the buy mode from quite an oversold territory which is a positive sign.
UPL: BUY
TARGET: Rs 845
STOP LOSS: Rs 807
The stock continues to form higher tops and higher bottoms on the daily charts. It has provided a breakout from the short-term consolidation with a buy crossover in its momentum indicator MACD (moving average convergence divergence) which is also a positive sign.
CYIENT: BUY
TARGET: Rs 635
STOP LOSS: Rs 590
The stock formed a falling wedge pattern in the wave Z which is a bullish reversal pattern. The momentum indicator MACD is well in the buy mode on the daily as well as weekly charts with a positive divergence. Thus, we recommend buying Cyient for the target of Rs 635 with a stop loss of Rs 590.
Tata Communications: BUY
TARGET: Rs 520
STOP LOSS: Rs 487
The stock has formed a symmetrical triangular pattern in wave X and wave Y up is expected. The daily as well as hourly momentum is well into buy mode; hence, we recommend buying this for the target of Rs 520 with a stop loss of Rs 487.
==========================
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%