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Top trading ideas by Anand Rathi: Buy McDowell, Cipla; Sell ICICI Bank

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

Jay Anand Thakkar  |  Mumbai 

Image: iSTOCK
Image: iSTOCK

NIFTY: SELL

TGT: 11,400


SL: 11,653

Nifty closed in the negative territory yesterday and the Index appears quite likely to fill the gap on the lower side. The Index has again taken a good support at the upper end of the gap. The probability of gap filling, however, is quite high. Hence, till the gap isn’t filled, one can sell Nifty for the target of 11,400 with a stop loss of 11,653.

ICICI Bank : SELL

TGT: Rs 407

SL: Rs 436

The stock has provided a breakdown from the symmetrical triangular pattern on the lower side with a clear sell crossover in its hourly as well as daily momentum indicator.

Cipla: BUY

TGT: Rs 515

SL: Rs 548

The stock has been falling in a downward sloping parallel channel with a clear sell crossover in its daily as well as weekly momentum indicator. The Index has completed a three wave bounce and another impulse on the way down seems to have started.

McDowell: BUY

TGT: Rs 610

SL: Rs 555

The stock has provided a breakout from the double bottom pattern with a buy crossover in its daily as well as weekly charts which indicates that the stock is likely to inch higher in coming days.

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

First Published: Tue, July 09 2019. 07:42 IST
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