Top stock recommendations by Anand Rathi: Buy Asian Paints, Cummins

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

NIFTY: SELL

TARGET: 11,183

STOP LOSS: 11,425

Nifty closed in the positive territory in the last trading session. The move, however, on the hourly charts appears to be a corrective one, hence the probability of a downside till 11,183 is quite high in the short term till the swing high of 11,425 levels aren’t taken off.

ASIAN PAINTS: BUY

TARGET: Rs 1,880

STOP LOSS : Rs 1,750
 

The stock has provided a breakout from the falling channel on the daily charts with a buy crossover in its daily momentum indicators. It seems to have completed a wave IV on the daily charts and wave V up seems to have started.

SYNGENE INTERNATIONAL:  BUY

TARGET: Rs 329

STOP LOSS: Rs 304

The stock has provided a breakout from the symmetrical triangular pattern with a clear buy crossover in its daily momentum indicator. The short term target on the upside comes to 329; one can buy this with a stop loss of 304.

CUMMINS:  BUY

TARGET: Rs 605

STOP LOSS: Rs 549

The stock has provided a breakout from the falling channel with a buy crossover in its hourly as well as daily momentum indicator. The move prior to this channel breakout was an impulsive move, hence another impulse on the way up is expected from hereon.

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Disclaimer: Views expressed are the author's own. He may have positions in one or more stocks.