Top stock picks by Anand Rathi: Buy ITC, Nestle, Power Grid

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

NIFTY

Recommendation: BUY | TGT 12050  | SL: 11860

Nifty closed in the positive territory in the last trading session. The risk, however, is that it is forming a rising wedge pattern on the hourly charts which is a negative sign. Hence it needs to take off 11,970 levels in order to gain further strength. The daily, weekly and hourly momentum indicator MACD is well into buy mode, hence we recommend buying this stock.

NESTLE

Recommendation: BUY | TGT: 12600 | SL: 11600

The stock has provided a breakout from the multiple swing resistances and the momentum indicator MACD has provided a buy crossover, hence we recommend buying this stock.

POWERGRID

Recommendation:  BUY | TGT:  230 | SL: 200

The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. The daily as well as weekly MACD is also well into buy mode, hence we recommend buying this stock.

ITC

Recommendation: BUY | TGT: 292 | SL: 270

The stock has provided a breakout from the ending diagonal pattern which is a bullish reversal pattern. The stock has also provided a buy crossover in its momentum indicator MACD.

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