outlook and Top trading ideas by Jay Anand Thakkar ,CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
STOP LOSS: 10,933
The Index has provided a breakout from the consolidation i.e. from a symmetrical triangular pattern with a buy crossover in its momentum indicators MACD from the zero reference line. The Index is likely to form a new life highs in this rally, hence we recommend buying Nifty
for the target of 11188 with a stop loss of 10933.
DR. REDDY: BUY
TARGET: Rs 2,420
STOP LOSS: Rs 2,323
Dr. Reddy has provided a breakout from the downtrend line resistance with a buy crossover in its
momentum indicator MACD on the daily charts. This indicates that the wave 5 up has resumed, hence the probability of an upside is quite high.
STOP LOSS: 257
SBIN seems to have completed its retracement of the five wave and now it seems to be starting another five waves rising structure. The momentum has reversed from an oversold territory as well.
STOP LOSS: 613
MCDOWELL has broken the symmetrical triangular pattern on the lower side with a sell crossover in its momentum indicators which is a bearish sign in the short term. The stock also seems to have started another five waves on the lower side which indicates that the trend going ahead is bearish.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.