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Top stock picks by Jay Anand Thakkar of Anand Rathi: Buy ACC, Adani Ports

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

Jay Anand Thakkar  |  Mumbai 

Photo: Shutterstock.com
Photo: Shutterstock.com

NIFTY

RECO: BUY


TARGET: 11,000

STOP LOSS: 10,750

Nifty closed flat in Thursday's trading session. It, however, has closed in a three wave declining structure on the daily charts, and hence, till the lows of 10,750 aren’t broken, the probability of a bounce back is quite high. Since, the Index has formed lower tops and lower bottoms on the daily charts; the previous swing resistance will act as a crucial resistance. So the range for the Index is 11,050-10,750. So, we recommend buying Nifty for the target of 11,000 with a stop loss of 10,750.

ACC

RECO: BUY

TARGET: Rs 1508

STOP LOSS: Rs 1430

The stock has formed a falling wedge pattern which is a bullish reversal pattern. The hourly momentum indicator MACD has provided a buy crossover. Hence, we recommend buying for the target of Rs 1,508 with a stop loss of Rs 1,430.

EXIDE

RECO: BUY

TARGET: Rs 188

STOP LOSS: Rs 173

The stock with Thursday’s positive close seems to have completed a three wave falling structure and the move prior to this three wave correction was an impulse move up, hence another impulse on the way up is expected. So, buy Exide for the target of Rs 188 with a stop loss of Rs 173.

ADANI PORTS

RECO: BUY

TARGET: Rs 382

STOP LOSS: Rs 359

The stock has provided a breakout from the falling channel with a clear buy crossover in its momentum indicators, hence we recommend buying for the target of Rs 382 with a stop loss of Rs 359.

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Disclaimer: Views expressed are the author's own. He may have positions in one or all of the above mentioned stocks.

First Published: Fri, September 06 2019. 06:43 IST
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