Top trading ideas by Anand Rathi Research: Buy NIIT Tech, Tata Elxsi

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

NIFTY: SELL

TARGET: 11,287

STOP LOSS: 11,430

The Index closed in the negative territory for the second consecutive session. The Index seems to have completed a clear five waves rising structure and a minimum retracement of the same is expected. The short-term target comes to 11,287 levels whereas the resistance is pegged at 11,430 levels.

NIIT TECHNOLOGIES: BUY

TARGET: Rs 1,370

STOP LOSS: Rs 1,265

The stock has formed a clear symmetrical triangular pattern on the daily charts and the momentum indicator MACD has also provided a buy crossover. So, we recommend buying this stock.

TATA ELXSI: BUY

TARGET: Rs 1,472

STOP LOSS: Rs 1,395

The stock has provided a clear breakout from the falling channel 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.

APOLLO HOSPITALS: BUY

TARGET: Rs 1,150

STOP LOSS: Rs 1,020

The stock has provided a breakout from the falling wedge pattern which is a bullish reversal pattern with a buy crossover in its momentum indicator MACD. So, we recommend buying this stock.

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