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Top trading calls by Anand Rathi: Buy Indigo, Motherson Sumi

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

Jay Anand Thakkar  |  Mumbai 

Tata Investment Corp board approves Rs 4.5-billion share buyback

NIFTY: BUY

TARGET: 11,690

STOP LOSS: Rs 11,530

Nifty has closed in the positive territory in the last trading session and it is now expected to provide a breakout from the range on the upside. The only fear is that it can test the lower end of the range that comes at 11,530; hence that becomes the short term support whereas 11,690 is an immediate resistance i.e. the upper end of the range. Hence, it’s a short-term target.

INDIGO: BUY

TARGET: Rs 1,500

STOP LOSS: Rs 1,360

The stock has formed a symmetrical triangular pattern which is a continuation pattern. The momentum indicator MACD has come well into the buy mode; hence the probability of an upside has increased.

MOTHERSON SUMI: BUY

TARGET: Rs 164

STOP LOSS: Rs 143

The stock has provided a breakout from the falling wedge pattern and it has also completed 61.8 per cent retracement of the previous rise which is an impulse on the hourly charts, hence another impulse on the way up is expected.

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

First Published: Fri, April 12 2019. 08:16 IST
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