Top trading calls by Anand Rathi: Buy Schneider Electric and Bajaj Finance

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

NIFTY: BUY 

TARGET: 10,790 

STOP LOSS: 10,595

Nifty closed in the positive territory in the last trading session and it seems to be breaking out of the range. The target on the upside comes to 10,790 levels whereas the support on the lower side comes to 10,595 levels. The momentum indicator also supports the up move. 

Schneider Electric: BUY

TARGET PRICE: Rs 150 

STOP LOSS: Rs 105

The stock has formed an inverse head and shoulder pattern on the daily charts which is a bullish reversal pattern. The momentum indicator has also provided a buy crossover which is again a positive sign for the stock, hence we recommend for the short term target of Rs 150 with a stop loss of Rs 105.

Coromandel International

BUY 

TARGET PRICE: Rs 460

STOP LOSS: Rs 415

The stock seems to have completed wave 4 on the daily charts and it has moving higher in an upward sloping parallel channel. The minimum target for wave 5 on the upside comes to Rs 460 and the support on the lower side is pegged at Rs 415.

Bajaj Finance

BUY 

TARGET PRICE: Rs 2,550 

STOP LOSS: Rs 2,350

The stock has provided a breakout from the falling channel with a clear buy crossover in its momentum indicator MACD. With that the higher top and higher bottom formation continues, so we recommend buying this stock for the target of Rs 2,550 with a stop loss of Rs 2,350.

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