Stock calls by Anand Rathi: Buy JSW Steel, BEML

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

Nifty closed in the negative territory in last trading section and with that has fallen in the range of 11,850-11,650. However, the overall trend in short-to-medium term is still positive. The range prior to this was of 200 points hence the target on the upside in 11,950. So, we continue to maintain our bias positive.

Buy JSW STEEL
Target: Rs 320
Stop Loss: Rs 285

The stock has provided breakout form the sideways consolidation which was formed in its wave B. With this breakout, the wave C on the upside seem to have started. The momentum indicators on the daily & weekly charts are positive. Hence we maintain bias positive for stock.

Buy SAIL
Target Rs 63
Stop Loss: Rs 55

The stock has retest of the bullish inverse Head & Shoulder Pattern on the daily charts & momentum indicators are still positive on weekly chart. Hence, we maintain positive bias for the stock.

Buy BEML
Target Rs 1000
Stop Loss Rs 930

The stock has retest of the bullish Inverse Head & Shoulder Pattern on the daily charts & momentum indicator is still positive on weekly chart. Hence we maintain positive bias for the stock.