Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research.
STOP LOSS: 10750
Nifty closed in the positive territory in the last trading session and with that, it closed in the positive territory for the fifth trading session. The Index has closed well above 10800 levels again and with that, it has convincingly negated the lower tops and lower bottoms formation on the daily chart and it has started to form higher tops and higher bottoms on the hourly charts. Now, on the lower side, it has a good support at 10750 levels whereas it has a resistance on the upside at 10940 and 10980 levels. We continue to maintain our short-term bias up for the target of 10980 levels with a stop loss of 10750 on the closing basis.
TARGET: Rs 43.10
STOP LOSS: Rs 28.10
The stock has started to form higher tops and higher bottoms on the hourly charts. Last week it had formed bullish engulfing pattern which is a bullish reversal pattern. The momentum indicator has also provided a buy crossover. The move prior to the recent move was an impulsive move, hence another impulse on the way up is expected.
TARGET: Rs 292
STOP LOSS: Rs 274
The stock has provided a breakout above its previous swing resistance with a buy crossover in its momentum indicators which is also a positive crossover. On the upside, the stock is likely to test the levels of 292 whereas the support on the lower side is pegged at 274
HDFC BANK: BUY
TARGET: Rs 2,175
STOP LOSS: Rs 2,103
The stock has provided a breakout from a falling channel that was formed in its wave IV. The stock has provided a buy crossover in its daily as well as hourly MACD. The stock is expected to move higher in its wave V up, hence we recommend buying this stock for the target of 2715 with a stop loss of 2103.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.