Market outlook and top trading ideas by Jay Anand Thakkar, CMT - Assistant Vice President - Equity Research, Anand Rathi Shares and Stock Brokers.
STOP LOSS: 10,900
Nifty ended in the positive territory in the last trading session and with that the momentum indicator moving average convergence divergence (MACD) also continues to be in the positive zone. The index is likely to inch towards 11,100 levels and till 10,900 and 10,850 levels are held, the overall bias remains positive. Hence, we recommend buying Nifty for the target of 11,100 with a stop loss of 10,900.
TARGET PRICE: Rs 301
STOP LOSS: Rs 263
The stock has provided a breakout from the symmetrical triangular pattern as well as from the downtrend line resistance. The momentum indicator MACD has also provided a clear buy crossover; hence, we recommend buying this stock.
TARGET PRICE: Rs 259
STOP LOSS: Rs 240
The stock has formed a nice symmetrical triangular pattern and it has reversed well from the lower end of the channel. It has provided a buy crossover in its momentum indicator MACD and hence the breakout is quite likely on the upside. So, we recommend buying ITC for the target of Rs 259 with a stop loss of Rs 240.
TARGET PRICE: Rs 2,875
STOP LOSS: Rs 2,735
The stock seems to have completed a three wave declining structure with a falling wedge pattern formed in the wave C down. The move prior to this was an impulsive one; hence, another impulse on the way up is likely now.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.