Top trading calls by Anand Rathi: Buy Granules, Sun Pharma, Wipro

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

NIFTY: BUY

TARGET: 10,480

STOP LOSS: 10,135

Nifty closed in the negative territory in the last trading session, however, the weekly lows of 10138 are still held so till those lows aren’t broken the overall bias remains sideways. Hence, till 10138 levels are held this is just wave b of B correction and wave C of b is pending. The resistance on the upside is pegged at 10480 and above those levels 10600.

GRANULES: BUY

TARGET: Rs 100

STOP LOSS: Rs 88

The stock has clearly formed an impulse wave on the hourly chart and next impulse on the way up is expected soon. The daily momentum indicator has come into buy mode which is a positive sign.

SUN PHARMA: BUY

TARGET: Rs 625

STOP LOSS: Rs 581

The stock has seems to have completed a triple zigzag corrective pattern on the daily as well as weekly charts. The stock has reversed well from the lower end of the falling channel, hence we recommend buying this stock.

WIPRO: BUY

TARGET: Rs 340

STOP LOSS: Rs 313

The stock has completed a wave four on the daily charts and wave 5 up is likely very soon as the stock has completed a zigzag corrective pattern and the momentum indicator has also provided a buy crossover. The stock has also provided a breakout from the downtrend line resistance which is a positive sign of a breakout.

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