Top trading ideas by Anand Rathi Research: Buy Fortis, JSW Energy, UPL

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

NIFTY: BUY

TARGET: 11,460

STOP LOSS: 11,335

The Index has closed in the positive territory in the last trading session and with that the series of higher tops and higher bottoms continues. The momentum indicator is also well into buy mode both on the daily as well as hourly charts which is quite a positive sign, hence we continue to maintain our short term as well as medium term bias positive for the target of 11460 with a reversal pegged below 11335

FORTIS: BUY

TARGET: Rs 168

STOP LOSS: Rs 143

The stock has provided a clear breakout from the symmetrical triangular pattern and the target on the upside comes till the next downtrend line resistance i.e. 168. The stock has started to form higher tops and higher bottoms with a buy crossover in its momentum indicators, hence we recommend buying this for the target of 168 with a stop loss of 143

JSW ENERGY: BUY

TARGET: Rs 72

STOP LOSS: Rs 65.50

The stock has provided a clear breakout from the falling wedge pattern with a buy crossover in its momentum indicator MACD. The stock has also completed the retest of  the pattern, hence the probability of an upside from here on is high.

UPL: BUY

TARGET: Rs 680

STOP LOSS: Rs 640

The stock has provided a breakout from the symmetrical triangular pattern that has been formed on the daily charts. The momentum indicator has also provided a buy crossover on the daily charts, hence we recommend buying this stock.

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