By Jigar Patel, Senior Manager - Equity Research at Anand Rathi
A robust recovery on Friday (November 29) saw the Nifty 50 closing above 24,100, reflecting resilience in market confidence. The index has rallied over 1,000 points from its lows, supported by a rebound from the 200-day Exponential Moving Averages across major indices, signalling a short-term trend reversal. A breakout from the falling channel is evident, and the daily and weekly RSI (Relative Strength Index) levels indicate further upside potential. The price action hints at an Inverse Head-and-Shoulders pattern, with a close above 24,350 likely to propel Nifty toward 25,000.
Bank Nifty traded sideways last week within the 51,750–52,750 range after a gap-up on November 25, ending with a 1.80 percent gain. Key support lies at 51,750, while resistance is near 52,750. A breakdown may lead to 51,300, whereas a breakout above 52,750 could push the index to 53,300, signalling continued bullish momentum.
Buy Nifty Futures between 24,200-24,225, with a stop-loss of 24,050, targeting 24,500, while buy Bank Nifty Futures with a stop-loss of 52,200-52,250, with a stop-loss of 51,800, targeting 53,000.
Here are top three buy ideas for short term:
Emami | CMP: Rs 684
Recently, Emami has shown promising technical signals indicating a potential upward trend. The stock has successfully created a base near the 200-day Exponential Moving Average (DEMA) high/low band, which is often regarded as a key level for determining long-term support and resistance zones. Additionally, it has broken out of a bearish trendline, suggesting that downward pressure has been alleviated, paving the way for a potential bullish move. Complementing this setup, the Relative Strength Index (RSI) on the daily chart has exhibited a bullish divergence. This divergence indicates that while the price was previously making lower lows, the RSI began forming higher lows, a clear sign that momentum is shifting in favour of the bulls.
Considering these factors, the current setup appears attractive for initiating long positions. It is advised to enter the stock within the price range of Rs 675–685. The potential upside target is set at Rs 750, representing a significant profit opportunity. To manage risk effectively, a stop-loss is recommended at Rs 645 on a daily closing basis. This technical configuration, supported by bullish signals, suggests a favourable risk-reward ratio for traders at this juncture.
Strategy: Buy
Target: Rs 750
Stop-Loss: Rs 645
Bharti Airtel | CMP: Rs 1,627
In the last trading session, Bharti Airtel demonstrated strong bullish momentum by surpassing its previous swing high on the daily chart and closing significantly above it. This breakout signals strength in the stock's price action and suggests further upward movement. On the weekly chart, the stock has reversed after finding support at the 20-day Exponential Moving Average (EMA), reinforcing the idea that it has established a solid base for recovery. Additionally, on the hourly chart, Bharti Airtel has broken above the R4 level of the Camarilla Pivot points, a technical indicator that highlights important intraday support and resistance levels. This breakout enhances the bullish outlook for the stock.
Moreover, the RSI has provided further confirmation of the bullish trend. On the daily chart, the RSI has reversed upward from the 40 level, and on the weekly chart, it has bounced from the 50 level, both of which are critical thresholds that indicate renewed positive momentum. These combined technical signals suggest a favourable setup for the upcoming week. Given this outlook, traders are advised to buy Bharti Airtel in the price range of Rs 1,600–1,630.
Strategy: Buy
Target: Rs 1,775
Stop-Loss: Rs 1,535
Concord Biotech | CMP: Rs 2,127.5
In the previous trading session, Concord Biotech showcased strong bullish momentum by breaking out of a four-day consolidation phase on the daily chart and closing significantly above it. This consolidation occurred just above the R4 level of the Camarilla Pivot, a key technical indicator that highlights support and resistance levels. The positioning above R4 indicates a robust base formation, signalling strong buyer interest. Furthermore, the weekly chart reveals a trendline breakout, as depicted in the chart, further strengthening the bullish narrative. The combination of these signals’ points to an attractive opportunity at the current price level.
Given the strong technical setup, it is advised to initiate long positions in the range of Rs 2,100–2,130. The upside potential is projected at Rs 2,300, offering a favourable risk-reward ratio. To manage downside risk, a stop-loss is recommended below Rs 2,050 on a daily closing basis.
Strategy: Buy
Target: Rs 2,300
Stop-Loss: Rs 2,050
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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