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Top trading calls by Anand Rathi: Sell Hindalco, Reliance Capital

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

Jay Anand Thakkar  |  Mumbai 

For a liquid secondary market

and top by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Research.

NIFTY: SELL

TARGET: 10550

STOP LOSS: Rs 10750

Nifty closed in the negative territory in the last trading session with a sell crossover in its daily momentum indicator MACD. The Index has closed below its 200DMA and with that, the probability of a downside has increased the short term target comes to the uptrend line support of 10550 whereas the resistance is pegged at 10750 which is the 200DMA.

BHARAT FINANCE: SELL

TARGET: Rs 928

STOP LOSS: Rs 1009

The stock seems to have started wave C on the lower side. The move prior to this was clearly an impulsive one and with lower tops and lower bottoms formation, the next five waves seem to have started. The momentum indicator MACD is also in sell mode thus confirming the downtrend.

RELIANCE CAPITAL: SELL

TARGET: Rs 205

STOP LOSS: Rs 222

The stock has broken the symmetrical triangular pattern on the lower side with a sell crossover in its momentum indicator MACD. The wave 4 seems to have got over and wave 5 down seems to have started.

HINDALCO: SELL

TARGET: Rs 204

STOP LOSS: Rs229

The stock has formed a descending triangular pattern which is a bearish reversal pattern. The momentum indicator has also provided a sell crossover thus confirming the downtrend, hence we recommend selling

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

First Published: Wed, December 26 2018. 06:21 IST
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