Nifty outlook and top trading ideas by Devang Shah for today

NIFTY
CLOSE- 11557.10 (24.08.2018)
The market closed the 5th consecutive week in positive territory. It has achieved my short term targets levels near recent high as expected. It made a high of 11,620.70 levels on Nifty & 38,487.63 levels on Sensex during the week. It looks like extension case further as per short-term wave count chart. Any kind of short-term consolidation or correction is stock specific buying opportunity till short-term reverses.

Stock Picks:

DHFL - BUY
CLOSE – Rs 655.50
TARGET – Rs 700-740
DHFL closed the weekly in negative territory. Its consolidated in a narrow range during the week. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-626 for the target of Rs 700-740 levels in short-term.

POWER GRID - BUY
CLOSE – Rs 190.20
TARGET – Rs 198-205
POWER GRID closed the weekly in positive territory. It looks like the end of short-term correction. It managed to hold 20 DMA. Risk Reward is favourable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs-185 for the target of Rs-198-205 levels in short-term.

L&T - BUY
CLOSE – Rs 1342.60
TARGET – Rs 1380-1400
L&T closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It closed above 20DMA. One can BUY with a stop loss of Rs-1280 for the target of Rs-1380-1400 levels in short-term.

Today's picks: From Lupin to Bajaj Auto, hot stocks to watch on Friday

Nifty 
Current: 11,583 (fut: 11,596)
Target: NA
Stop-long positions at 11,500. Stop-short positions at 11,675.Big moves could go till 11,725, 11,475. A long 11,700c (20), long 11,500p (34) would profit if the index moves outside 11,445-11,755 by settlement.

Bank Nifty 
Current: 28,027 (fut: 28,112)
Target: NA
Stop-long positions at 27,975. Stop-short positions at 28,250. Big moves could go till 27,775, 28,450. Profit booking may continue to drag the index down.

Lupin
Current price: Rs 903
Target price: Rs 915
Keep a stop at Rs 897 and go long. Add to the position between Rs 910 and Rs 913.
Book profits at Rs 915.

HPCL 
Current price: Rs 260
Target price: Rs 255
Keep a stop at Rs 263 and go short. Add to the position between Rs 256 and Rs 257.
Book profits at Rs 255. 

Top trading ideas by Anand Rathi Research: Buy Sun Pharma, Lupin, M&M

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

NIFTY: BUY
TARGET: 11,402
STOP LOSS: 11,230
The Index closed well in the positive territory on the first day of the trading week. The Index continues to form higher tops and bottoms and with that fresh life time highs. So, one can continue to remain long on Nifty futures for the short term target of 11402 with a stop loss of 11230 levels.

SUN PHARMA: BUY
TARGET: Rs 585
STOP LOSS: Rs 550
The stock has again provided a breakout from the falling trend line which is a positive sign going forward. The momentum indicators are absolutely bullish which confirms that the bulls have an upper hand.

LUPIN: BUY
TARGET: Rs 860
STOP LOSS: Rs 810
The stock has formed a double bottom pattern on the daily charts with a buy crossover in its momentum indicator on the hourly charts. The minimum target on the upside is 860, one can buy this with a stop loss of 810

M&M: BUY
TARGET: Rs 950
STOP LOSS: Rs 915
The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. The momentum indicator here too is well in buy mode, hence we recommend buying this stock

Lupin rises 2% on partnership with Mylan for Enbrel Biosimilar

Shares of Lupin were up 2% at Rs 910 per share on the BSE in noon deal after the company said it has partnered with Mylan to commercialize Enbrel (Etanercept) biosimilar.
Under the terms of the agreement, Lupin will receive an up-front payment of $15 million and potential commercial milestones together with an equal share in net profits of the product.

Through the partnership agreement, Mylan will commercialize Lupin's proposed etanercept biosimilar in Europe, Australia, New Zealand, Latin America, Africa and most Stock Market throughout Asia, Lupin said in a press release.

Enbrel is a TNF-inhibitor indicated to treat certain autoimmune diseases, including rheumatoid arthritis, psoriatic arthritis, plaque psoriasis and ankylosing spondylitis. Enbrel had global brand sales of approximately $11.6 billion for the 12 months ending Dec. 31, 2017, according to IQVIA, it added.

Check Live - Lupin Stock Price