Trade Spotlight: How should you trade JSW Energy, UPL, Glenmark Pharma, IDFC First Bank, BSE, Hindustan Zinc, and others on December 23?

Top Buy Ideas for December 23

The benchmark indices maintained their northward journey for another session, gaining nearly 0.8 percent on December 22 with strong market breadth. A total of 2,088 shares saw buying interest compared to 799 declining shares on the NSE. The market may see some consolidation with a positive bias. Below are some short-term trading ideas to consider:

Ceat | CMP: Rs 3,932.8

Ceat has undergone a healthy corrective phase, declining nearly 17.6% from its recent peak of Rs 4,438 and slipping toward the Rs 3,930–3,900 zone. This area coincides with the 50% Fibonacci retracement of the prior rally, indicating a potential demand pocket.

The technical structure is beginning to stabilize, with early signs of a falling trendline breakout visible on both price action and RSI, suggesting momentum flattening and a possible reversal setup. Traders may consider entering long positions in the Rs 3,940–3,900 zone, with a target of Rs 4,300.

Strategy: Buy

Target: Rs 4,300

Stop-Loss: Rs 3,765

Endurance Technologies | CMP: Rs 2,656.7

Endurance Technologies recently corrected about 14.5% from its peak of Rs 2,986. The stock has now shown signs of stabilization near Rs 2,685. This zone aligns with the 38.2% Fibonacci retracement, the 200-DEMA, and a previous breakout region, indicating layered technical support.

Early bullish signals are also visible through positive divergence on both RSI and MACD, suggesting weakening downside momentum and the possibility of a near-term reversal. Traders may consider entering long positions in the Rs 2,680–2,650 zone, with a target of Rs 2,850.

Strategy: Buy

Target: Rs 2,850

Stop-Loss: Rs 2,545

HPL Electric & Power | CMP: Rs 402.35

After a massive 42% correction since July 2025, HPL Electric prices have now approached a key demand zone last seen in February 2025, where buying interest had previously emerged. Supporting this structural improvement, the stock has taken out its previous swing high, signaling a potential trend shift rather than just a relief bounce.

Similar behaviour is visible on the daily RSI, which has broken past prior swing points, indicating strengthening momentum and renewed accumulation. Given this confluence of price-zone support and momentum confirmation, bullish sentiment is expected to continue in the coming sessions, with scope for further upside if support levels hold. Traders may consider entering long positions in the Rs 405–400 zone, with a target of Rs 460.

Strategy: Buy

Target: Rs 460

Stop-Loss: Rs 375

JSW Energy | CMP: Rs 478.95

JSW Energy has witnessed rising open interest along with falling prices, indicating short buildup. The stock has now reversed from the Rs 450–460 support range, which is the 20-day mean, with short-term momentum indicating a higher chance of short covering.

The stock has the highest Call base at Rs 500, which is the next hurdle and hence the first target. There have been Put additions at lower levels, right from the Rs 450–480 strikes, which will now act as critical support going ahead. Hence, buy JSW Energy futures in the range of Rs 475–480.

Strategy: Buy

Target: Rs 500, Rs 510

Stop-Loss: Rs 459

UPL | CMP: Rs 776.55

UPL has provided a breakout from a symmetrical triangle pattern with an increase in open interest, indicating long buildup. Although there has been a limited increase in open interest on an overall basis, there is high scope for further buildup. Prices had consolidated within a range of Rs 735–775, and with this breakout, the simple target comes to Rs 800–820 levels.

There are significant Put additions from the Rs 750–770 strikes coupled with Call unwinding, which is bullish in the near term. However, there is a huge Call base at the Rs 800 strike, which becomes immediate resistance and hence the first target. Therefore, buy UPL in the range of Rs 775–780.

Strategy: Buy

Target: Rs 800, Rs 820

Stop-Loss: Rs 760

Glenmark Pharma | CMP: Rs 2,038.2

Glenmark witnessed a correction from approximately Rs 2,250 to Rs 1,750 levels on account of long unwinding. However, the stock has now seen a significant rise in open interest in the futures segment and has also provided a breakout from a falling trendline, indicating a shift in trend from down to up.

The stock has seen huge Put additions from the Rs 1,900–2,000 strikes, with the Rs 1,900 strike having maximum open interest. Meanwhile, the Rs 2,000 Call has the highest Call base, but the stock has closed above it, so Call unwinding cannot be ruled out from here on. This Call unwinding can further support the stock and potentially take it to at least Rs 2,100–2,200 levels going forward. The stock is also trading well above its maximum pain level of Rs 1,960, which will now act as a critical support. Hence, buy Glenmark futures in the range of Rs 2,030–2,040.

Strategy: Buy

Target: Rs 2,120, Rs 2,200

Stop-Loss: Rs 1,970

IDFC First Bank | CMP: Rs 85.35

IDFC First Bank has been forming a higher-top, higher-bottom structure since the April 2025 low, reflecting a well-established uptrend and strong relative strength amid ongoing market volatility. The stock has recently broken above its April 2024 resistance and is now comfortably positioned above key moving averages, signaling a clear improvement in trend quality.

Momentum indicators further reinforce this bullish setup. The MACD on both daily and weekly timeframes remains in positive territory, indicating sustained bullish momentum and increasing upside conviction.

Strategy: Buy

Target: Rs 92

Stop-Loss: Rs 82

BSE | CMP: Rs 2,775.5

BSE has shown a bullish mean reversion from the 12-week EMA and is currently trading above the prior week’s candlestick, indicating follow-through buying from a key support zone.

On the daily chart, the stock continues to form a higher-top, higher-bottom structure and has also broken out of a falling channel, signaling a shift toward trend continuation. Momentum indicators remain supportive, with the MACD holding in positive territory, confirming sustained bullish momentum.

Strategy: Buy

Target: Rs 3,108

Stop-Loss: Rs 2,636

Jamna Auto Industries | CMP: Rs 127.21

Jamna Auto has been showcasing clear signs of trend improvement across both higher and lower timeframes. Since the April bottom, the stock has been in a gradual and steady uptrend, with recent weeks reflecting robust bullish momentum and highlighting strong relative strength amid current market volatility. Momentum indicators continue to support this view, with the MACD remaining in buy mode, further reinforcing the bullish narrative.

Strategy: Buy

Target: Rs 140

Stop-Loss: Rs 122

Hindustan Zinc | CMP: Rs 606.5

Hindustan Zinc has recently broken out of a triangular consolidation pattern, supported by strong volume, signaling a decisive shift in price action. The stock has also attracted follow-through buying and is now trading comfortably above its 5-, 12-, and 26-day EMAs, highlighting strengthening trend conditions.

Momentum indicators are beginning to align with this breakout. The MACD has started expanding in positive territory, indicating an early pickup in bullish momentum.

Strategy: Buy

Target: Rs 648

Stop-Loss: Rs 581