outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
Stop Loss: 11,560
The Index closed in the positive territory in the last trading session and it has formed a bearish head and shoulders pattern on the daily charts. The momentum indicator too is in sell mode, hence we recommend to sell Nifty
for the target of 11312 levels with a stop loss of 11560 levels.
AXIS BANK: BUY
Target: Rs 176
Stop Loss: Rs 165
The stock has formed a symmetrical triangular pattern in its wave 4 and wave 5 up is likely. The momentum indicator too is well into the buy mode.
Target: Rs 990
Stop Loss: Rs 921
The stock has provided a breakout from the inverse head and shoulders pattern which is a bullish reversal pattern. The momentum indicator is well into buy mode which is again a positive sign for the bulls.
AUROBINDO PHARMA: BUY
Target: Rs 859
Stop Loss: Rs 769
The stock has provided a breakout from the downtrend line resistance with an increase in volumes and positive crossover in its momentum indicators which increases the probability of an upside.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.