Equity benchmarks continued to be supported by bears for the fourth consecutive session, falling half a percent on September 24 with negative market breadth. A total of 1,866 shares saw selling pressure compared to 903 advancing shares on the NSE. The negative trend is expected to prevail in the market. Below are some short-term trading ideas to consider:
Rupak De, Senior Technical Analyst at LKP Securities
Bank of Baroda | CMP: Rs 254.35
Bank of Baroda has given a rectangular pattern breakout on both the daily and weekly charts. The price has been sustaining above the 21 EMA, indicating strength. Sentiment appears to be improving, and dips are likely to attract buying interest, potentially pushing the price towards Rs 271. On the lower side, support is placed at Rs 248. A bullish crossover in the RSI further reinforces the expectation of positive momentum.
Strategy: Buy
Target: Rs 271
Stop-Loss: Rs 248
Garden Reach Shipbuilders and Engineers | CMP: Rs 2,714.8
Garden Reach Shipbuilders has given a falling channel breakout on the weekly chart, signaling improving sentiment and a potential trend reversal. The price has been sustaining above the 21 EMA, showing underlying strength. The daily RSI has also given a consolidation breakout, indicating upward momentum. Dips are likely to attract buying interest, which could drive the price towards Rs 2,900. On the downside, support is placed at Rs 2,630.
Strategy: Buy
Target: Rs 2,900
Stop-Loss: Rs 2,630
Deepak Nitrite | CMP: Rs 1,869.4
Deepak Nitrite has recently given a consolidation breakout on the daily chart, indicating strengthening sentiment. For the first time in a while, it has formed a higher bottom, suggesting a potential shift in trend. The RSI has also shown a positive divergence on the daily chart, supporting the bullish outlook. On the upside, the stock may move towards Rs 1,960, while on the downside, support is placed at Rs 1,834.
Strategy: Buy
Target: Rs 1,960
Stop-Loss: Rs 1,834
Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities
Amber Enterprises India | CMP: Rs 8,410
Amber Enterprises gave a bullish flag and pole pattern breakout on Wednesday, moving past the five-day consolidation range of Rs 8,167–8,394. The prior swing high of Rs 8,174, recorded on August 1, has now turned into a support zone, and a bounce from that level highlights healthy base building and a shift in sentiment.
On the indicator front, momentum remains robust. The stock is trading comfortably above all its key moving averages (20, 50, 100, and 200-day EMAs), confirming a well-established uptrend. The RSI has climbed to 70.54, reflecting strong bullish momentum, though it is just around its overbought territory. The ADX at 24, with DI+ well above DI–, signals a strengthening trend.
On the weekly chart, price action is aligned along the upper Bollinger Band, suggesting persistent buying pressure. Hence, we recommend accumulating the stock in the zone of Rs 8,405–8,415.
Strategy: Buy
Target: Rs 9,000
Stop-Loss: Rs 8,155
Deepak Fertilisers & Petrochemicals Corporation | CMP: Rs 1,.580.3
Deepak Fertilisers has exhibited remarkable technical strength with a decisive breakout from the Rs 1,424–1,488 range on Tuesday, followed by robust follow-through buying on Wednesday. This breakout is validated by surging volumes over the past two sessions, highlighting strong market participation and further strengthening the bullish sentiment.
The RSI has spiked to 67.78, indicating increased bullish momentum. Notably, the price has closed above the upper Bollinger Band for two consecutive days, underlining exceptional bullish intensity. Sustained closes above the band typically point to persistent buying pressure, a phenomenon often seen during strong trends. The sizeable gap between the DI lines in the ADX indicator indicates directional conviction. Overall, Deepak Fertilisers remains poised for further upside. Hence, we recommend accumulating the stock in the zone of Rs 1,580–1,590.
Strategy: Buy
Target: Rs 1,700
Stop-Loss: Rs 1,535
Arun Kumar Mantri, Derivatives Trader and Founder of Mantri Finmart
City Union Bank | CMP: Rs 211.08
City Union Bank has given a massive breakout on major time frames with good volume action in the last few days and ended above the strong resistance price zone of Rs 205 levels. The overall sentiments seem to be upbeat for the counter in the short term, and the price is expected to continue the positive momentum with good volume action. On the technical indicators, RSI and Bollinger Band (20,2) are pointing northwards, indicating strong positive bias.
Strategy: Buy
Target: Rs 232, Rs 235
Stop-Loss: Rs 200
Edelweiss Financial Services | CMP: Rs 120.74
Edelweiss Financial is on the verge of breaking out from the “Inverted Head & Shoulder” price pattern on the daily charts, coupled with strong weekly volumes and price action. The next target for the stock price is around Rs 140-plus levels, which are the December 2024 peaks. On the other hand, the support for the stock is around Rs 112, which is the current monthly low. Short-term traders may go long in the stock.
Strategy: Buy
Target: Rs 140, Rs 141
Stop-Loss: Rs 112
Hindustan Copper | CMP: Rs 308.7
Hindustan Copper is on the verge of breaking out from the medium-term consolidation zones and is showing good action in recent times with massive price and volume action. Among the leading indicators, Parabolic SAR and Heiken Ashi candlesticks indicate a positive trend on both the daily and weekly charts.
The MACD indicator has also managed to cross above the 0 level from below, showing early signs of bullish momentum. On the other hand, the price is also rolling on the upper band of the Bollinger Band (20,2), with all the major moving averages showing upward traction.
Strategy: Buy
Target: Rs 348
Stop-Loss: Rs 288
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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