Stock recommendations from Anand Rathi: Buy Asian Paints, NIIT Tech

Trading calls by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Shares and Stock Brokers

NIFTY: BUY | TGT 11700 | SL: 11540

Nifty closed in the negative territory in the last trading session however it has taken a good support at the lower end of the falling channel wherein it seems to have completed wave 4 on the daily charts. The Index has provided a buy crossover on the daily charts, hence wave 5 up is expected, so we recommend buying for the target of 11700 with a stop loss of 11540.

ICICI GI: BUY| TGT: 1450 | SL: 1269

The stock has provided a breakout from the ascending triangular pattern which is a bullish breakout. The stock has provided a buy crossover in its momentum indicator MACD at all the degrees, hence we recommend buying it for the target of 1450 with a stop loss of 1269.

ASIAN PAINTS: BUY | TGT: 1870 | SL: 1745

The stock has completed the retest of the channel breakout and it has again started to move upwards. The momentum indicator MACD has provided a buy crossover on the hourly charts again indicating the probability of an upside is high. So, we recommend buying it for the target of 1870 with a stop loss of 1745.

NIIT TECH: BUY | TGT 1570 | SL: 1430

The stock has formed a rounding bottom pattern with a buy crossover in its daily momentum indictor MACD. The volumes has seen some expansion, hence we recommend buying it for the target of 1570 with a stop loss of 1430.

=============================
Disclaimer: Author may or may not have positions in the above mentioned stocks