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Top stock recommendations from Anand Rathi: Buy Pidilite, ICICI Lombard

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

Jay Anand Thakkar  |  Mumbai 

Trading Strategy

NIFTY: BUY | TGT: 12,150 | SL: 11,950

Nifty closed in the negative territory for the second consecutive day, however, it managed to close above 12,000 levels, which is a positive in the short term. The momentum indicator MACD is well in the sell mode with a negative divergence which is a concern in the short term. However, since the price has not confirmed the reversal from up to down, we continue to maintain our short-term bias up for the target of 12,150 with a stop loss of 11,950.

ICICIGI: BUY | TGT: Rs 1,470 | SL: Rs 1,330

The stock has formed a nice ascending triangular pattern which is bullish continuation pattern. The stock has earlier provided such a breakout and had went up quite well, this time it has retested the same and it has again formed the similar pattern, so we recommend buying it.

PIDILITE: BUY | TGT: Rs 1,375 | SL: Rs 1,290

The stock seems to have completed a three wave declining structure on the daily charts and it has also provided a breakout from an inverse head and shoulders pattern, hence we recommend to buy it for the short-to-medium term.

PVR: BUY | TGT: Rs 1,920 | SL: Rs 1,780

The stock has provided a breakout from the falling channel with a breakout from the inverse head and shoulders pattern as well that has been formed on the hourly charts. Both of these patterns are absolutely positive and have provided a bullish crossover in its daily as well as hourly MACD, so we recommend buying it.

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

First Published: Tue, December 03 2019. 07:39 IST