Top trading calls by Anand Rathi: Buy HDFC Bank, Pidilite, Godfrey Phillips

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

NIFTY: BUY 

TARGET: 11,500 

STOP LOSS: 11,280

Nifty has been inching higher and it has reached to the revised target of 11,400 as well. Now, on the upside, it is expected to continue its upward journey till 11,500 levels. On the lower side, it has a crucial support at 11,200 levels which is the wedge breakout level. Hence, that is a medium term support, however, above that 11,280 is a short-term support and till those levels are held the bulls don't need to worry.

HDFC BANK BUY 

TARGET: Rs 2,320 

STOP LOSS: Rs 2,170

The stock has provided a breakout on the monthly charts, confirming higher tops and higher bottoms. The daily as well as weekly moving average convergence divergence (MACD) has come well into buy mode. With this breakout, the stock seems to have started its wave III up of wave 5; hence, we recommend it for the short-term target of Rs 2,320 with a stop loss of Rs 2,170.

PIDILITE: BUY 

TARGET: Rs 1,275 

STOP LOSS: Rs 1,135

The stock has provided a breakout from the falling channel formed in its wave 4 and now wave 5 up seems to have started. The daily as well as weekly momentum indicators have provided a buy crossover and it has started to form higher tops and higher bottoms with increase in volumes.

GODFREY PHILLIPS: BUY 

TARGET: Rs 1,270 

STOP LOSS: Rs 1,110

The stock has provided a breakout from the multiple swing resistance with a buy crossover in its momentum indicator. The daily, weekly as well as monthly momentum indicator MACD are in buy mode; hence the probability of an upside is quite high.

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