 "Top trading ideas by Anand Rathi Research: Buy NIIT Tech, Tata Elxsi")
Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
NIFTY: SELL
TARGET: 11,287
STOP LOSS: 11,430
The Index closed in the negative territory for the second consecutive session. The Index seems to have completed a clear five waves rising structure and a minimum retracement of the same is expected. The short-term target comes to 11,287 levels whereas the resistance is pegged at 11,430 levels.
NIIT TECHNOLOGIES: BUY
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TARGET: Rs 1,370
STOP LOSS: Rs 1,265
The stock has formed a clear symmetrical triangular pattern on the daily charts and the momentum indicator MACD has also provided a buy crossover. So, we recommend buying this stock.
TATA ELXSI: BUY
TARGET: Rs 1,472
STOP LOSS: Rs 1,395
The stock has provided a clear breakout from the falling channel pattern with a buy crossover in its momentum indicator MACD. The stock has also completed the retest of the pattern; hence the probability of an upside from here on is high.
APOLLO HOSPITALS: BUY
TARGET: Rs 1,150
STOP LOSS: Rs 1,020
The stock has provided a breakout from the falling wedge pattern which is a bullish reversal pattern with a buy crossover in its momentum indicator MACD. So, we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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