Top trading calls by Anand Rathi: Buy IDFC First Bank, Pidilite, TVS Motor

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: 11,620 

STOP LOSS: 11,370

Nifty has been forming higher tops and higher bottoms with a clear buy crossover in its momentum indicator moving average convergence divergence (MACD). The index has formed a “Doji” candlestick pattern on the daily charts which indicates indecisiveness among the market participants. On the lower side, there exists a support at 11,370, whereas the short-term target comes at 11,620.

IDFC FIRST BANK: BUY

TARGET: Rs 56.80

STOP LOSS: Rs 48.60 

The stock has provided a breakout from an inverse head and shoulders pattern which is a bullish reversal pattern. The MACD is well into buy mode as well as the