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Top stock picks by Anand Rathi:Buy Kansai Nerolac, Glenmark, United Spirits

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 

Image: iSTOCK
Image: iSTOCK

NIFTY

BUY | TGT 11240 | SL: 10950

closed in the positive territory in the last trading session and the momentum indicator MACD has provided a buy crossover on the hourly charts with a positive divergence. The Index is likely to close in the positive territory for the week as well and with that it four week’s losing streak. The Index is likely to retrace 38.2 per cent of its previous fall and the immediate support is pegged at 10,950, so we recommend buying for the target of 11,240 with a stop loss of 10,950.


Stock recommendation:

KANSAI NEROLAC

BUY | TGT: 526 | SL: 446

The stock has provided a breakout from the symmetrical triangular pattern with a buy crossover in its daily as well as weekly momentum indicators. The previous move was an impulsive one, hence another impulse on the upside is expected from here on.

GLENMARK

BUY | TGT: 468 | SL: 413

The stock has provided a buy crossover on the daily charts with a positive divergence, hence a pullback cannot be ruled out. The stock seems to have completed a five wave declining structure; hence a minimum retracement of 38.2 per cent cannot be ruled out. The support on the lower side is pegged at 413.

UNITED SPIRITS

BUY | TGT 625 | SL: 585

The stock has provided a breakout from the falling channel with a buy crossover in its daily as well as weekly charts. The stock is likely to move up in its wave E, hence we recommend buying this stock for the target of 625 with a stop loss of 585.

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

First Published: Fri, August 09 2019. 07:54 IST
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