Top trading ideas by Anand Rathi Research: Buy Max India, Lupin

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

NIFTY: BUY 

TARGET: 11,350 

STOP LOSS: 11,180

The Index has reversed from an overbought territory in the short term, however its just a temporary pause post which the uptrend should resume. The current correction is a wave 4 correction and wave 5 up should resume. On the lower side, the Index can maximum fill the gap, hence the lower end of the gap i.e. 11180 should act as a crucial support and on the upside the target is 11350.

MAX INDIA: BUY

TARGET: Rs 92.50 

STOP LOSS: 82.50

The stock has started to form higher tops and higher bottoms with a buy crossover in its momentum indicator MACD. The stock has formed an impulsive pattern post which it corrected in a three wave declining structure and now next impulse seems to have started.

LUPIN: BUY

TARGET: Rs 900 

STOP LOSS: Rs 830

The stock has formed a double bottom pattern on the daily charts with a buy crossover in its momentum indicator on the hourly charts. The minimum target on the upside which was 860 has been achieved and now we have revised our target to 900, one can buy this with a stop loss of 830

L&T FINANCE HOLDINGS: BUY 

TARGET: Rs 185 

STOP LOSS: Rs 170

The stock has provided a breakout from the falling channel and the retest of the same seems to have gotten complete, hence wave 5 on the upside of a minor degree is expected from current levels, so we recommend buying this stock at current levels.
 

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