 "Top trading ideas by Anand Rathi Research: Buy Ujjivan, Pidilite, Sterlite")
Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
NIFTY: BUY
TARGET: 11,240
STOP LOSS: 11,120
The Index closed well in the positive territory on the F&O expiry day, hence the trend continues to remain up. The Index continues to form higher tops and higher bottoms which is a positive sign in the short term. The momentum indicator MACD too continues to remain in the positive territory which is a positive sign, so based on these parameters we think one can buy Nifty for the target of 11240 with a stop loss of 11120.
UJJIVAN FINANCIAL SERVICES: BUY
TARGET: Rs 410
STOP LOSS: Rs 380
The stock has formed a bullish reversal pattern a “Double bottom” pattern. The momentum indicator is also well in the buy mode thus confirming an uptrend. So, we recommend buying UJJIVAN for the target of 410 with a stop loss of 380.
PIDILITE INDUSTRIES: BUY
TARGET: Rs 611.50
STOP LOSS: Rs 570
The stock has provided a breakout from a double bottom pattern which is a bullish reversal pattern. The hourly MACD has come into buy mode thus confirming an upward breakout. The stock seems to have competed a wave 4 correction and with that it has taken support at the lower end of the rising channel, hence we recommend buying PIDILITE.
STERLITE TECHNOLOGIES: BUY
TARGET: Rs 364
STOP LOSS: Rs 320
The stock has provided a breakout from the inverse head and shoulders pattern which is a bullish reversal pattern. The daily momentum indicators are well in the buy mode thus confirming an upside. On the daily charts the stock seems to have completed a wave 4 correction and wave 5 up should resume soon.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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