Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research.
STOP LOSS: 10790
Nifty has reversed well from the lower end of the symmetrical triangular pattern and now it seems that wave e of a bullish ascending triangle is over. On the lower side, the support is pegged at 10790 whereas the target comes to 10950 levels.
TARGET: Rs 1,947
STOP LOSS: Rs 1,875
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.
SUNDARAM FASTENERS: BUY
TARGET: Rs 547
STOP LOSS: Rs 509
The stock has formed a nice symmetrical triangular pattern which is a bullish reversal pattern. The pattern has been formed in wave B and now wave C up is expected.
TECH MAHINDRA: BUY
TARGET: Rs 755
STOP LOSS: Rs 715
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 755 with a stop loss of 715.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above