Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT - Assistant Vice President - Equity Research, Anand Rathi Shares and Stock Brokers.NIFTY: SELL
STOP LOSS: 10790
Nifty has reversed from up to down and it has broken the range on the lower side. The momentum indicator has also gone into sell mode with a negative divergence which is a worry for the bulls in the short term. The index has been forming lower tops and lower bottoms which is also a negative sign for the bulls. It has formed a double top pattern on the daily charts and it is likely to test the neckline of the same which comes at 10,534 levels.
TARGET: Rs 2,030
STOP LOSS: Rs 1920
The stock has formed an inverse head and shoulders pattern which is a bullish reversal pattern. The stock has also provided a breakout from a downward sloping parallel channel. The daily momentum indicator is in buy mode.
INDUSIND BANK: SELL
TARGET: Rs 1,356
STOP LOSS: Rs 1,490
The stock has broken its major swing support on the lower side and with that it has confirmed the lower tops and lower bottoms on the weekly charts which is a negative sign in the short term. The momentum indicator is also in sell mode.
TECH MAHINDRA: BUY
TARGET: Rs 755
Stop LOSS: Rs 720
The stock has provided a breakout from the triangular pattern with a clear buy crossover in its momentum indicator. With this breakout wave C up seems to have started, hence we recommend buying this for the minimum target of Rs 755 with a stop loss of Rs 715.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.