 "Top trading calls by Anand Rathi: Sell MRF, ACC and Bharti Airtel")
NIFTY: SELL
TARGET: 10,975
STOP LOSS: 11,258
Nifty closed in the negative territory on Monday for the ninth consecutive session and with that it has been continuously forming lower tops and lower bottoms. The momentum indicator is deeply in the negative territory on the daily, weekly and monthly charts. The index seems to have formed and expanded flat pattern and with that, wave C down seems to have started. The conservative short term target comes at 10,975 and the stop loss for the same is seen at 11,258.
MRF: SELL
TARGET: Rs 51,670
Also Read
STOP LOSS: Rs 54,135
The stock has completed a three wave rise in its wave 4 and now wave 5 seems to have started. The daily and weekly momentum indicator MACD (moving average convergence divergence) is in sell mode. The wave 5 seems to have started and the minimum target comes at Rs 51,670, whereas the resistance is pegged at Rs 54,135.
ACC: SELL
TARGET: Rs 1,503
STOP LOSS: Rs 1,614
The stock has provided a breakout from the bearish head and shoulders pattern which is a bearish reversal pattern. The stock has provided a sell crossover on its daily MACD; hence, we recommend selling for the target of Rs 1,503 with a stop loss of Rs 1,614.
BHARTI AIRTEL: SELL
TARGET: Rs 289
STOP LOSS: Rs 330
The stock has formed a bearish wedge pattern on the daily charts and with that the daily momentum indicator MACD is in sell mode; hence, we recommend selling this stock as it offers good risk to reward ratio.
=========================================
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%