Top trading calls by Anand Rathi: Buy TCS, Tech Mahindra

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

NIFTY: BUY 
TARGET: 10950 
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.

TCS: BUY 
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


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