Top trading ideas by Anand Rathi Research: Buy Ultratech Cements, Sterlite

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

NIFTY: BUY

TARGET: 11,565

STOP LOSS: 11,414

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 11565 with a reversal pegged below 11414

ULTRATECH CEMENTS: BUY

TARGET: Rs 4,420

STOP LOSS: Rs 4,230

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. 4420. 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 4420 with a stop loss of 4230

STERLITE TECHNOLOGIES: BUY

TARGET: Rs 382

STOP LOSS: Rs 354

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.

UPL: BUY

TARGET: Rs 650

STOP LOSS: Rs 605

The stock has formed an ascending triangular pattern on a larger scale and the breakout from the same is now expected. The impulse waves from the recent lows have resumed and the momentum is absolutely in the favor of the bulls, hence we recommend buying this stock.

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