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

The daily, as well as weekly momentum indicator MACD for Nifty, is well in the buy mode

NIFTY: BUY | TGT: 12,450 | SL: 12,295

Nifty closed well above the 12,300 levels and with that the probability of taking off the crucial hurdle of 12,400 has become quite high. The daily as well as weekly momentum indicator MACD is well in the buy mode and the hanging man candlestick pattern has been negated, hence the probability of an upside is high.

RICO AUTO: BUY | TGT: Rs 58 | SL: Rs 46

The stock has formed a nice symmetrical triangular pattern and the wave E of the same seems to have been completed. The stock has been trading upwards holding well its upward sloping parallel channel; hence one can buy this for the target of Rs 58 with a stop loss of Rs 46.

CREDITACC: BUY | TGT: Rs 840 | SL: Rs 750

The stock has provided a breakout from the downward sloping parallel channel with an increase in volumes as well as a clear buy crossover in its daily momentum indicator.

TORRENT POWER: BUY | TGT: Rs 330 | SL: Rs 295

The stock has provided a breakout from the falling channel with a clear buy crossover in its daily momentum indicator MACD. The stock seems to have completed a wave 4 correction and with that the probability of wave 5 up seems to have started.

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