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Stock calls by Anand Rathi: Buy Hindustan Copper, Bharat Forge, Divi's Labs

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

Jay Anand Thakkar  |  Mumbai 

Tata Investment Corp board approves Rs 4.5-billion share buyback

NIFTY: BUY

TARGET: 11,795

STOP LOSS: 11,619

closed in the positive territory for the third consecutive session on Monday. The index has provided a breakout from the downtrend line resistance and with that wave four seems to have got over and wave five up seems to have started.

HINDUSTAN COPPER: BUY

TARGET: Rs 54

STOP LOSS: Rs 48.50

The stock has formed a symmetrical triangular pattern which is a continuation pattern. The momentum indicator moving average convergence divergence (MACD) has come well into the buy mode; hence, the probability of an upside has increased. Along with symmetrical triangular pattern, the stock has also formed an inverse head and shoulders pattern which is a bullish reversal pattern.

BHARAT FORGE: BUY

TARGET: Rs 546

STOP LOSS: Rs 502

The stock has provided a breakout from the falling trend line with a clear buy crossover in its momentum indicator MACD. The move prior to this breakout was an impulsive move; hence, another impulse on the way up is expected.

DIVI'S LABS: BUY

TARGET: Rs 1,805

STOP LOSS: Rs 1,710

The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. It seems to have completed its wave iv with that and wave v up seems to have started.

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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Tue, April 16 2019. 08:11 IST
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