Stock calls by Anand Rathi: Buy Aurobindo Pharma, FLFL, Ultratech Cement

Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT - Assistant Vice President - Equity Research, Anand Rathi Shares, and Stock Brokers.

NIFTY: SELL 

TARGET: 11,550 

STOP LOSS: 11,750

Nifty was deep into negative territory on the F&O expiry day indicating that the trend is still negative to sideways. The index has reversed from the 78.6 per cent retracement of the previous fall; hence this bounce is a wave B bounce and wave C down is expected now. The minimum target on the lower side comes to 11,550 levels whereas the resistance is pegged at 11,750 levels.

AUROBINDO PHARMA:  BUY 

TARGET: Rs 830 

STOP LOSS: Rs 780

The stock has provided a breakout from a symmetrical triangular pattern and the momentum indicator moving average convergence divergence (MACD) is well