Top trading calls by Anand Rathi Research for today: Buy Reliance, HCL Tech

Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research: 

NIFTY: BUY 

Target: 11,100 

Stop Loss: 10,890

Nifty closed in the negative territory in the last trading session however it has formed a falling wedge pattern on the hourly charts which is a bullish reversal pattern. The Nifty IT was providing good support to the Index which indicates that there is a high possibility that the Nifty IT forms a new lifetime high above 12,620 levels. As far as Nifty is concerned the support on the lower side is pegged at 10,895 levels whereas the resistance is pegged at 11,100 levels.

HCL TECH: BUY 

Target: Rs 1,140 

Stop Loss: Rs 1,080

The stock has formed a symmetrical triangular pattern and the momentum indicator has also provided a buy crossover on the daily charts which is a positive sign going forward. The minimum target comes to 1,140; one can buy this with a stop loss of 1,080 levels.

RELIANCE: BUY 

Target: Rs 1,280 

Stop Loss: Rs 1,203

The stock seems to have completed a three wave corrective fall and with that, it seems to have completed a wave 4 correction on the daily as well as weekly charts. Now, wave 5 up seems to have started which has a minimum target of 1280 and thereafter 1320 levels.

TECH MAHINDRA: BUY 

Target: Rs 990 

Stop Loss: Rs 930

The stock seems to have completed a wave four correction in a three wave corrective fall in a downward sloping parallel channel and the breakout on the upside is quite likely as the momentum indicator has provided a buy crossover on the hourly charts.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.