Nifty outlook & stock calls by Anand Rathi: Buy Lupin, Mahanagar Gas

Lupin's stock is making a higher top and higher bottom pattern on the daily chart

BUY NIFTY | TARGET: 10,450 | STOP LOSS: 10,220

The NIFTY index continued its positive momentum and also reclaimed all its short term moving averages. Now, as long as Nifty trades above 10,040 levels, we can expect the extension of a pullback towards 10,450 levels. Thus, to play this short-covering rally, we advise aggressive traders to initiate a long position with a strict stop loss of 10,220 and defensive traders should refrain from creating any aggressive long bets in the index from here on and adopt a stock-specific approach. 

BUY LUPIN | TARGET: Rs 995 | STOP LOSS: Rs 901

The stock is