Nifty view and stock picks by Anand Rathi: Buy Tata Consumer, Sell Escorts

The stock of Tata Consumer Products made a fresh all-time high and has provided breakout from a cup pattern on the daily chart

BUY NIFTY | TARGET: 11,050 | STOP LOSS: 10,800

The Nifty index witnessed profit booking at higher levels and reached near its major support of 200-DMA, placed at 10,850. The momentum indicators and oscillators on the weekly scales are still in buy mode which hints of some buying at lower levels. On the derivative front, some addition was seen at 10,800 put strike which holds the maximum open interest and is likely to act as immediate support. Thus, aggressive traders can initiate a long position with a strict stop loss of 10,800.

BUY TATA CONSUMER | TARGET: Rs 460 | STOP LOSS: