Nifty outlook and top trading ideas by Anand Rathi Research

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

NIFTY - BUY 

TARGET: 11,653 

STOP LOSS: 11,525

The Index closed in the positive territory in the last trading session and it has again formed a lifetime high. The Index after having broken 11,495 on the upside has confirmed the extension on the upside; hence the minimum equality target on the upside comes to 11,653 whereas on the lower side 11,525 becomes a crucial support.

PIDILITE - BUY 

TARGET: Rs 1,189 

STOP LOSS: Rs 1,139

The stock has provided a breakout from the falling channel as well as it has formed a higher top higher bottom which is a positive sign going forward. The stock has started its wave 5 up with a buy crossover in its momentum indicator, hence we recommend buying this stock.

LUPIN - BUY 

TARGET: Rs 948 

STOP LOSS: Rs 870

The stock has started to form higher tops and bottoms and it seems to have completed the right shoulder of an inverse head and shoulders pattern. The momentum indicator too is well in the buy mode, hence we recommend buying this stock.

AMBUJA CEMENTS - BUY 

TARGET: Rs 252 

STOP LOSS: Rs 229

The stock has taken off its weekly swing high with a buy crossover in its momentum indicator which is quite positive for this stock. It has also provided a breakout from the falling channel thus increasing a possibility of a further upside.      

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.