Top trading calls by Anand Rathi: Buy ICICI Pru, BEML and Infosys

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: 11,770 

STOP LOSS: 11,575

Nifty has closed in the positive territory in the last trading session; however, it has witnessed strong selling pressure from higher levels in the last trading session. The index faces resistance near its all-time high; however, it has good support at the lower levels. It has been forming higher tops and higher bottoms and till it continues its trend, the overall bias remains positive.

ICICI PRUDENTIAL LIFE: BUY 

TARGET: Rs 385 

STOP LOSS: Rs 345

The stock has provided a breakout from the multiple swing resistance. It has also surpassed the neckline resistance of the inverse head and shoulders pattern which is a bullish reversal pattern. The momentum indicator moving average convergence divergence (MACD) is well into buy mode.

BEML: BUY 

TARGET: Rs 1,070 

STOP LOSS: Rs 952

The stock has reversed from the neckline support of the bullish inverse head and shoulders pattern with a clear buy crossover in its momentum indicator MACD both on the daily as well as weekly charts. The index is now likely to inch towards the short term target of Rs 1,070 levels.

INFOSYS: BUY 

TARGET: Rs 779 

STOP LOSS: Rs 735

The stock has provided a breakout from the falling channel with a clear buy crossover in its momentum indicator MACD. The stock has started wave V up. Hence, we recommend buying it for the short-term equality target of Rs 779.

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