Top trading calls by Anand Rathi: Buy HDFC Life, Avanti Feeds

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

NIFTY: SELL 

TARGET: 10660 

STOP LOSS: 10840

Nifty closed in the positive territory in the last trading session however it has seen selling from higher levels which indicates that there is selling pressure at higher levels. The momentum indicator on the daily as well as hourly charts is still in sell mode hence there can be some further profit booking. However, positional basis till 10530 levels aren’t broken the uptrend may continue till 11000 levels. So, in anticipation of early profit booking scenario, we recommend selling for the target of 10660 with a stop loss of 10840.

CONCOR:  BUY 

TARGET: Rs 694 

STOP LOSS: Rs 642

The stock has formed a symmetrical triangular pattern and it has seen good long built up. The momentum indicator has also provided a buy crossover; hence one can buy for the target of 694 with a stop loss of 642.

HDFCLIFE: BUY 

TARGET: Rs 407 

STOP LOSS: Rs 380

The stock has formed a nice right-angled triangular pattern on the daily charts and it has provided a breakout from the same. The momentum indicator is also well in buy mode on the daily charts. The wave C up seems to have started; hence one can buy it for the target of 407 with a stop loss of 380.

AVANTIFEED:  BUY 

TARGET: Rs 405 

STOP LOSS: Rs 374

The stock has formed a bullish wedge pattern and it has provided a nice reversal from the lower levels of the same. The momentum indicator MACD has also provided a nice buy crossover. The wave B of a pullback is over and now wave C up will ensue which will take the stock to 405 levels, hence one can buy with a stop loss of 374.

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


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