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

The Nifty seems to have completed wave B of the bounce and wave C up on the hourly charts is expected

NIFTY: BUY | TGT 11,850 SL: 11,650

The Nifty closed in the positive territory in the last trading session and has formed a symmetrical triangular pattern on the hourly charts. The Index seems to have completed wave B of the bounce and wave C up on the hourly charts is expected. So, one can buy Nifty for the target of 11,850 with a stop loss of 11,650.

ESCORTS: BUY | TGT: Rs 920 | SL: Rs 809

The stock has provided a breakout from the falling channel, and, thereafter, has been forming higher tops and higher bottoms with a buy crossover in its momentum indicators at all degrees.

BAJFINANCE: BUY | TGT: Rs 4550 | SL: Rs 4250

The stock has provided a breakout from the ascending triangular pattern with a clear buy crossover in its daily as well as weekly momentum indicators. The stock seems to have completed the retest of the ascending triangular pattern.

MARUTI: BUY | TGT: Rs 7,500 | SL: Rs 6,750

The stock has taken a support at the lower end of the falling channel and now is expected to reverse to the upper end of the range. The short-term target comes to Rs 7,500 whereas the support is pegged at Rs 6,750.

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