Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research.
STOP LOSS: 10840
Nifty closed in the positive territory in the last trading session however it has seen selling from higher levels which indicates that there is selling pressure at higher levels. The momentum indicator on the daily as well as hourly charts is still in sell mode hence there can be some further profit booking. However, positional basis till 10530 levels aren’t broken the uptrend may continue till 11000 levels. So, in anticipation of early profit booking scenario, we recommend selling for the target of 10660 with a stop loss of 10840.
TARGET: Rs 694
STOP LOSS: Rs 642
The stock has formed a symmetrical triangular pattern and it has seen good long built up. The momentum indicator has also provided a buy crossover; hence one can buy for the target of 694 with a stop loss of 642.
TARGET: Rs 407
STOP LOSS: Rs 380
The stock has formed a nice right-angled triangular pattern on the daily charts and it has provided a breakout from the same. The momentum indicator is also well in buy mode on the daily charts. The wave C up seems to have started; hence one can buy it for the target of 407 with a stop loss of 380.
TARGET: Rs 405
STOP LOSS: Rs 374
The stock has formed a bullish wedge pattern and it has provided a nice reversal from the lower levels of the same. The momentum indicator MACD has also provided a nice buy crossover. The wave B of a pullback is over and now wave C up will ensue which will take the stock to 405 levels, hence one can buy with a stop loss of 374.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.