Top trading calls by Anand Rathi: Buy IGL, CONCOR

Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research.

NIFTY: BUY 

TARGET: 10980 

STOP LOSS: 10760

Nifty closed almost flat in the last trading session however it has been moving higher in an upward sloping parallel channel, hence the probability of it inching towards the upper end of the range is quite high. The upper end of the range comes to 10980-11020, hence we recommend buying it with a stop loss below its previous hourly swing low i.e. 10760 levels.

CONCOR: BUY 

TARGET: Rs 724 

STOP LOSS: Rs 670

The stock has formed a symmetrical triangular pattern and it has seen good long built up. The momentum indicator has also provided a buy crossover; hence one can buy for the target of 724 with a stop loss of 670.

AMARAJA BATTERY: BUY 

TARGET: Rs 797 

STOP LOSS: Rs 710

The stock has reversed well from its multiple swing supports as well as it has reversed from quite an oversold territory. The stock has been forming higher tops and higher bottoms on daily charts and it has recently formed a short-term consolidating range, hence one can buy this for an upward breakout target of 797 with a stop loss of 710.

IGL: BUY 

TARGET: Rs 277 

STOP LOSS: Rs 262

The stock has provided a breakout from a consolidating range i.e. a symmetrical triangular pattern with a buy crossover in its daily as well as hourly momentum indicators. The stock has also provided a breakout above its short-term moving averages.

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