Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research:
NIFTY: SELL
TARGET: 11,296
STOP LOSS: 11,461
The Index closed in the negative territory in the last trading session and so the wave IV consolidation continues. The Index seems to have completed a third wave up and a retracement of the same seems to have started, hence we recommend selling Nifty for the target of 11296 with a stop loss of 11461.
HINDUSTAN UNILEVER: BUY
TARGET: Rs 1,790
STOP LOSS: Rs 1,715
The stock has formed a clear symmetrical triangular pattern on the daily charts and the momentum indicator MACD has also provided a buy crossover. So, we recommend buying this stock.
PERSISTENT SYSTEMS: BUY
TARGET: Rs 910
STOP LOSS: Rs 840
The stock has provided a clear ascending triangular pattern on the daily charts and the momentum indicators are also well into the buy mode, hence we recommend to buy for the target of 910 with a stop loss of 840.
FORTIS HEALTHCARE: BUY
TARGET: Rs 161
STOP LOSS: Rs 142
The stock has provided a breakout from the symmetrical triangular pattern on the daily charts with a clear buy crossover in its momentum indicators which is a positive sign in the short term, hence we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.