Nifty outlook and technical calls by Jay Anand Thakkar ,CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
Nifty outlook
Nifty has been consolidating in this 300 points range as anticipated. Now, till this range of 10930 to 10650 is not broken of the either side we will see further consolidation. Next week being an expiry week the probability of breakout or breakdown seem less likely as we have seen 10800 & 10900 call strike have highest open interest whereas 10600 & 10700 put strike have highest open interest. However, if there is breakout form this range there will be minimum 300 points trend form thereon
SUN PHARMA- BUY
Target: Rs 585.00
Stop Loss: Rs 554.00
SUNPHARMA seems to have completed a wave 4 correction on daily & hourly charts. Stock has retraced 23.6% of its wave 3 and now a wave 5 on the up side is likely. The momentum indicators on the daily as well as hourly charts are still on buy mode; hence there is better risk reward on the buy side.
RELIANCE INFRA - BUY
Target: Rs 460.00
Stop Loss: Rs 432
RELIANCE INFRA has clearly provided a breakout form a sideways consolidation in its last trading section. The stock has formed bullish inverse hand & shoulder pattern on the daily charts which is positive sign going forward. The way the momentum indicators are in the buy mode on daily & hourly charts the break on the upside is quite likely. Hence, we recommend initiating buy position on the stock.
YES BANK- BUY
Target: Rs 350.00
Stop Loss: Rs 329.00
YES BANK as smartly provided a breakout form a falling wedge pattern that is formed in its wave C of wave 4 on the daily chart. Now the stock seem to have started wave 5 on the upside wherein its short-term target come to 350, so we recommend initiated buy on it with stop loss of 329.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.