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 third trading session. The Index has closed well above 10704 levels again and with that, it has convincingly negated the lower tops and lower bottoms formation on the daily chart. Now, on the lower side, it has a good support at 10700 levels whereas it has a resistance on the upside at 10900 and 10940 levels. We continue to maintain our short-term bias up for the target of 10940 levels with a stop loss of 10700 on the closing basis.
TVS MOTORS: BUY
TARGET: Rs 605
STOP LOSS: Rs 550
The stock has provided a breakout from an ascending triangular pattern as well as from a falling channel. The daily, as well as weekly momentum indicators, are well in buy mode, hence we recommend this for the target of 605 with a stop loss of 550.
TARGET: Rs 460
STOP LOSS: Rs 425
The stock has provided a breakout from an inverse head and shoulders pattern with a buy crossover in its momentum indicator MACD on the daily as well as the weekly chart. The rise prior to this breakout was an impulse wave; hence another impulse on the way up will start.
TARGET: Rs 370
STOP LOSS: Rs 328
The stock has provided a breakout from a symmetrical triangular pattern with a buy crossover in its momentum indicator. The stock has also hit the fresh 52-week high, hence we recommend buying this stock for the target of 370 with a stop loss of 328.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.