Top trading ideas by Anand Rathi Research: Buy Sun Pharma, Lupin, M&M

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

NIFTY: BUY
TARGET: 11,402
STOP LOSS: 11,230
 

The Index closed well in the positive territory on the first day of the trading week. The Index continues to form higher tops and bottoms and with that fresh life time highs. So, one can continue to remain long on Nifty futures for the short term target of 11402 with a stop loss of 11230 levels.

SUN PHARMA: BUY
TARGET: Rs 585
STOP LOSS: Rs 550
 

The stock has again provided a breakout from the falling trend line which is a positive sign going forward. The momentum indicators are absolutely bullish which confirms that the bulls have an upper hand.

LUPIN: BUY
TARGET: Rs 860
STOP LOSS: Rs 810
 

The stock has formed a double bottom pattern on the daily charts with a buy crossover in its momentum indicator on the hourly charts. The minimum target on the upside is 860, one can buy this with a stop loss of 810

M&M: BUY
TARGET: Rs 950
STOP LOSS: Rs 915
 

The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. The momentum indicator here too is well in buy mode, hence we recommend buying this stock

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