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Nifty outlook & stock calls by Anand Rathi: Buy TCS, Torrent Pharma

TCS' stock has provided a breakout from a descending triangle pattern on the daily chart

Topics
Markets | Market technicals | TCS

Nilesh Jain  |  Mumbai 

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TCS has surpassed its 21-DMA placed at 2,260

BUY NIFTY | TARGET: 11,650 | STOP LOSS: 11,450

The Nifty index found the support of a rising trend line and rebounded from the same. The momentum indicators and oscillators on the weekly scale are very well in 'buy' mode. Hence, one should remain on the long side of the Nifty index and utilise every dip as a buying opportunity till the time it doesn’t break its major trend line which is placed at 11,450 levels.

BUY | TARGET: Rs 2,360 | STOP LOSS: Rs 2,260

The stock has provided a breakout from a descending triangle pattern on the daily chart. It is trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are very well in the 'buy' mode on daily as well as weekly scales which hints of a further positive momentum in the counter. It has also surpassed its 21-DMA which is placed at 2,260 which will now act as immediate support.

BUY TORNTPHARMA | TARGET: Rs 2,900 | STOP LOSS: Rs 2,740

The counter has provided a breakout from a falling channel and the momentum indicator RSI has also reversed from the oversold territory. It also trading well above its long term 200-day simple moving average. The overall pharma sector is poised for a breakout on the charts.

BUY KEC | TARGET: Rs 350 | STOP LOSS: Rs 310

The stock is in a secular uptrend and also making a higher top and higher bottom formation on the daily chart. The counter has reversed after witnessing some profit booking from higher levels. The momentum indicator and oscillator are in 'buy' mode on the weekly scale which hints of further positive momentum in the counter.


Disclaimer: Nilesh Jain is Technical and Derivatives Research analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

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First Published: Fri, September 04 2020. 08:10 IST
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