Top trading ideas by Anand Rathi Research- Buy Ujjivan, Pidilite, Sterlite

Top trading ideas by Anand Rathi Research: Buy Ujjivan, Pidilite, Sterlite

Nifty outlook and top trading ideas by Jay Anand Thakkar, CMT -Assistant Vice President - Equity Research, Anand Rathi Research: NIFTY: BUY TARGET: 11,240 STOP LOSS: 11,120 The Index closed well in the positive territory on the F&O expiry day, hence the trend continues to remain up. The Index continues to form higher tops and higher bottoms which is a positive sign in the short term. The momentum indicator MACD too continues to remain in the positive territory which is a positive sign, so based on these parameters we think one can buy Nifty for the target of 11240 with a stop loss of 11120.

UJJIVAN FINANCIAL SERVICES: BUY TARGET: Rs 410 STOP LOSS: Rs 380 The stock has formed a bullish reversal pattern a “Double bottom� pattern. The momentum indicator is also well in the buy mode thus confirming an uptrend. So, we recommend buying UJJIVAN for the target of 410 with a stop loss of 380.

PIDILITE INDUSTRIES: BUY TARGET: Rs 611.50 STOP LOSS: Rs 570 The stock has provided a breakout from a double bottom pattern which is a bullish reversal pattern.

The hourly MACD has come into buy mode thus confirming an upward breakout. The stock seems to have competed a wave 4 correction and with that it has taken support at the lower end of the rising channel, hence we recommend buying PIDILITE. STERLITE TECHNOLOGIES: BUY TARGET: Rs 364 STOP LOSS: Rs 320 The stock has provided a breakout from the inverse head and shoulders pattern which is a bullish reversal pattern. The daily momentum indicators are well in the buy mode thus confirming an upside.

On the daily charts the stock seems to have completed a wave 4 correction and wave 5 up should resume soon.

ARTICLE SOURCE: BS