 "Top trading ideas by Anand Rathi: Buy ACC, Sadbhav Engineering and M&M")
NIFTY: BUY
TARGET: 12,050
STOP LOSS: 11,870
Nifty closed in the positive territory in last trading session and it has started to form higher tops and higher bottoms on the hourly charts. The hourly, daily and weekly momentum indicator MACD (moving average convergence divergence) is well into buy mode which is quite positive. The index has a minor hurdle at 11,934 which when taken off will take it to 12,050 levels. The support is pegged at 11,870 levels.
ACC: BUY
TARGET: Rs 1,846
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STOP LOSS: Rs 1,686
The stock has provided a breakout from the multiple swing resistances with a clear buy crossover in its momentum indicator MACD on the daily, weekly and monthly charts. It seems to have started wave III on the upside and it is likely to inch towards Rs 1,846 levels.
SADBHAV ENGINEERING: BUY
TARGET: Rs 303
STOP LOSS: Rs 240
The stock has provided a breakout from the falling trend line with an increase in volumes and buy crossover in it momentum indicator MACD. The move prior to this fall was an impulsive move and with this breakout another impulse on the way up is expected.
M&M: BUY
TARGET: Rs 701
STOP LOSS: Rs 651
The stock has provided a breakout from the downtrend line resistance with a positive divergence on MACD on the weekly and daily charts. With this, it has confirmed higher tops and higher bottoms. So, we recommend buying this stock for the target of Rs 701 with a stop loss of Rs 651.
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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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