Top trading ideas by Anand Rathi Research- Buy Raymond, Bajaj Auto

Top trading ideas by Anand Rathi Research: Buy Raymond, Bajaj Auto

Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research: NIFTY: BUY TARGET: 11,653 STOP LOSS: 11,501 The Index closed in the positive territory in the last trading session and it has again formed a life time high. The Index after having broken 11,495 on the upside has confirmed the extension on the upside, hence the minimum equality target on the upside comes to 11,653 whereas on the lower side 11,501 becomes a crucial support.

RAYMOND: BUY TARGET: Rs 830 STOP LOSS: Rs 755 The stock has formed a falling wedge pattern on the daily charts in the fifth wave of the five wave falling structure. A minimum of 23.6% to 38.2% retracement is expected and in that process the stock is expected to bounce back till 830 levels. The support on the lower side is pegged at 755 levels.

BAJAJ AUTO: BUY

TARGET: Rs 2,840 STOP LOSS: Rs 2,688 The stock has started to retrace the five waves declining structure with a buy crossover in its momentum indicator MACD. The minimum target on the upside comes to 2840 whereas the support on the lower side is pegged at 2688.

AUROBINDO PHARMA: BUY TARGET: Rs 690 STOP LOSS: Rs 640 The stock has provided a breakout from the cup and handle pattern which is a bullish reversal pattern. The momentum indicator has also come into buy mode which is quite positive for the stock. So, we recommend buying this stock for the target of 690 with a stop loss of 640.

ARTICLE SOURCE: BS