Nifty outlook & stock calls by Anand Rathi: Buy Wipro, Sun Pharma

Wipro's stock has provided breakout from a symmetrical triangle formation on the daily chart with higher than average volumes

BUY NIFTY | TARGET: 10,950 | STOP LOSS: 10,700

The Nifty index is in a consolidation mode where the support is continuously shifting higher. The momentum indicators and oscillators are very well in the 'buy' mode on a weekly scale, which hints that bulls are tightening the grip and the current pullback is likely to extend further. The volatility index, IndiaVIX, is hovering near 25 levels which is giving comfort to the bulls. Thus, aggressive traders can initiate a long position with the strict stop loss of 10,700 and defensive traders should refrain from creating any aggressive bets in the index