Nifty outlook and top trading ideas by Jay Anand Thakkar of Anand Rathi

The daily, as well as weekly, MACD for Nifty, is still in buy mode; hence, the bulls still have an upper hand on that front

NIFTY: BUY | TGT: 12,340 | SL: 12,225

The Nifty closed almost flat in the last trading session. However, on the lower side, there is a good support at 12,150 levels and till those levels are held, the probability of the Nifty inching towards 12,355-12,400 is still high as that is the upper end of the rising wedge pattern. The daily as well as weekly MACD is still in buy mode; hence, the bulls still have an upper hand on that front.

BERGER PAINTS: BUY | TGT: Rs 560 | SL: Rs 500

The stock has provided a breakout from the downtrend line resistance and with that the stock seems to have completed a wave 4 consolidation which is also a positive sign going forward. The daily MACD has provided a buy crossover from the zero reference line which is again quite bullish in the short term.

NIIT TECH: BUY | TGT: Rs 1,650 | SL: Rs 1,540

The stock seems to have completed a wave 4 consolidation and now wave 5 up seems to have started. The daily MACD has already provided a buy crossover from the zero reference line; hence, another move on the upside seems to have started. The minimum equality target of wave 1 in wave 5 comes to 1,650 which is its short term target.

HDFC BANK:  BUY | TGT: Rs 1,340 | SL: Rs 1,280

The stock has provided a breakout from the ascending triangular pattern, which is a bullish reversal pattern. The daily MACD has also provided a buy crossover which is a positive sign in the short-,term. The minimum target of wave 5 comes to 1,340; hence one can buy this with a stop loss of 1,280.

Disclaimer: Author may or may not have positions in the above mentioned stocks