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

The daily, as well as weekly momentum indicators in Nifty, have provided a buy crossover

NIFTY: BUY | TGT 12,400 | SL: 12,225

Nifty closed well in the positive territory in the last trading session and with that it has managed to provide a breakout from the symmetrical triangular pattern formed on the daily as well as hourly charts. The daily as well as weekly momentum indicators have provided a buy crossover, hence, we recommend buying it for the target of 12,400 with a stop loss of 12,225.

ONGC: BUY | TGT: Rs 136 | SL: Rs 124

The stock has formed a triangular pattern in its wave B of a bounce and with a clear buy crossover in its daily as well as hourly momentum indicator the probability of wave C up is quite high. The minimum target on the upside comes to Rs 136; one can buy this for the target of Rs 124.

ORIENT CEMENTS: BUY | TGT: Rs 90 | SL: Rs 69

The stock has provided a breakout from the downtrend line resistance with a clear buy crossover in its daily as well as weekly momentum indicator MACD. With this breakout, the fresh leg on the upside seems to have started.

VEDL:  BUY | TGT Rs 171 | SL: Rs 154.30

The stock has provided a breakout from the falling channel with a clear buy crossover in its daily as well as weekly momentum indicators. The metal stocks are in good positive momentum and with this breakout from the falling channel; the probability of an upside is quite high.

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