Top trading ideas by Anand Rathi Research for today: Buy Lupin, Axis Bank

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

NIFTY: SELL 
Target: 11,312 
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.

LUPIN: BUY 
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.