Nifty outlook and Top trading ideas by Jay Anand Thakkar ,CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
NIFTY - BUY
TARGET: 10,970
STOP LOSS: 10,770
The Index has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. The momentum indicator MACD has also provided a buy crossover on the daily charts thus confirming a breakout on the upside. On the lower side, there exist a support at 10770 which is the stop loss and the target on the upside comes to 10970 levels.
JUST DIAL - BUY
TARGET: Rs 622
STOP LOSS: Rs 579.90
The stock has provided a breakout from the downtrend line resistance with a buy crossover in its momentum indicator. The stock has started its wave 5 up which indicates that the previous high will be taken off.
PERSISTENT SYSTEMS - BUY
TARGET: Rs 925
STOP LOSS: Rs 835
The stock has provided a breakout from the symmetrical triangular pattern with a buy crossover in it momentum indicator MACD. The up move prior to this was an impulse i.e. a five wave rising structure and now with a breakout the next five waves up are expected which will take this stock to 925 levels. On the lower side, 835 is the previous swing support, hence with that as a stop loss one can initiate a buy on this stock.
POWER GRID - BUY
TARGET: Rs 187.40
STOP LOSS: Rs 181.95
The stock seems to have completed a five waves declining structure and a minimum of 38.2% retracement of the same is expected on the upside. On the lower side, the immediate support is pegged at 181.95, hence that is the stop loss where as on the upside 187.40 is an immediate target.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.