Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
NIFTY: SELL
TARGET: 10,450
STOP LOSS: 10,710
The Index has broken the short-term range on the lower side which indicates that the trend going ahead is still negative. The immediate target on the lower side comes to 10,550 levels and below those levels, it comes to 10,450 levels. The resistance on the upside is pegged at 10,710 levels and till those levels aren’t taken off on the upside the overall short-term bias remains negative.
LUPIN: BUY
TARGET: Rs 940
STOP LOSS: Rs 880
The stock has formed a sideways channel in its wave 4 on the daily charts. Post wave 4 there is a wave 5 upside which is expected from here on. The momentum indicators are well in buy mode, hence we recommend initiating a buy on this stock.
JUBLFOODS: SELL
TARGET: Rs 1,270
STOP LOSS: Rs 1,411
The stock has formed a bearish wedge pattern in its wave 5 which is a bearish reversal sign. The momentum indicators on the daily charts have gone into sell mode which is also a bearish reversal sign. The stock has broken the rising wedge pattern which is a further confirmation of the same.
KOTAK BANK: BUY
TARGET: Rs 1,402
STOP LOSS: Rs 1,306
The stock has provided a breakout from the sideways consolidation that is formed on the daily charts. The momentum indicators on the daily charts are also quite oversold, hence we recommend a buy on this.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.