The market closed on a flat note on August 19, following a volatile and rangebound session. The market breadth remained positive for another session, with approximately 1,784 shares advancing against 389 declining shares on the NSE. Experts suggest that consolidation may continue until the index decisively surpasses the 24,700-24,800 area, with 24,400-24,300 likely serving as the support zone. Here are some trading ideas for the near term:
Anshul Jain, Head of Research at Lakshmishree Investments and Securities
Alembic | CMP: Rs 151.33
After an impressive 30 percent rally, Alembic has quietly consolidated over the past 30 days, forming a solid base around its 20-day and 50-day moving averages. This consolidation phase has now given way to a bullish breakout at Rs 150, catching the attention of savvy investors. Currently trading at Rs 151, the stock looks poised for more upside, making it an attractive buy. With a stop-loss set just below Rs 140, the immediate target is Rs 190, offering a promising return. This breakout signals renewed momentum, and investors may want to consider riding this wave upward.
Strategy: Buy
Target: Rs 190
Stop-Loss: Rs 140
Jayant Agro Organics | CMP: Rs 315
Jayant Agro is attracting attention with a major breakout after an impressive 1,380-day consolidation on the daily chart. Following this long period of stability, the stock crafted a 30-day falling trendline pattern, forming a strong base-on-base setup. On Monday, Jayant Agro surged past Rs 315, signaling a fresh wave of bullish momentum. This breakout presents an exciting buying opportunity at Rs 315, with a stop-loss just below Rs 285. With a target of Rs 365, the stock offers a compelling upside. Investors looking for strong momentum and potential gains should consider jumping in as the stock gains traction.
Strategy: Buy
Target: Rs 365
Stop-Loss: Rs 285
Huhtamaki India | CMP: Rs 439.5
Huhtamaki has recently shattered its 30-day consolidation phase, surging past the flat base at Rs 439 with impressive volume. This dynamic breakout is not just a flash in the pan but a continuation of a major shift from a lengthy 1,600-day consolidation period. Currently, Huhtamaki is primed for a strong bullish move. Consider it a buy above Rs 445, with a strategic stop-loss set below Rs 400. The stock holds substantial upside potential, with a target of Rs 600 in the near term. If you're scouting for a compelling investment opportunity, Huhtamaki's recent breakout might just be your ticket to capturing significant gains as momentum builds.
Strategy: Buy
Target: Rs 600
Stop-Loss: Rs 400
Mehul Kothari, DVP – Technical Research at Anand Rathi
Delhivery | CMP: Rs 432.25
After a lot of struggles, Delhivery has finally managed to reclaim its 200-day exponential moving average (DEMA) on a closing basis. There is also a range breakout that resembles a bullish Cup and Handle pattern. The price action is supported by a breakout in the Relative Strength Index (RSI) as well. Traders are advised to buy the stock near Rs 430 for an upside target of Rs 460 in the coming sessions.
Strategy: Buy
Target: Rs 460
Stop-Loss: Rs 415
Shriram Finance | CMP: Rs 3,075.6
Shriram Finance has been trading with a strong uptrend and has displayed resilience during recent volatility. A fresh breakout of the Cup and Handle pattern at an all-time high indicates strength. We expect follow-up action in the coming sessions. Therefore, we advise traders to accumulate the stock in the range of Rs 3,070 – Rs 3,010 for an upside target of Rs 3,200.
Strategy: Buy
Target: Rs 3,200
Stop-Loss: Rs 2,900
Linde India | CMP: Rs 7,436.55
Linde India has been in a corrective mode from a peak of over Rs 9,000 and recently retested the Rs 7,000 mark. The stock found support at the placement of the 200-day exponential moving average (DEMA) and has confirmed a reversal candlestick pattern. We are witnessing a bullish Wolfe Wave pattern in the stock, which indicates fresh upside. Traders are advised to buy the stock on dips near Rs 7,350 for an upside target of Rs 8,050 in the coming weeks.
Strategy: Buy
Target: Rs 8,050
Stop-Loss: Rs 7,000
Riyank Arora, Technical Analyst at Mehta Equities
Voltas | CMP: Rs 1,607.7
Voltas has shown a robust breakout above its recent swing high, driven by an ascending triangle formation. Momentum is gradually building, with potential targets set at Rs 1,650 and Rs 1,700. A stop-loss at Rs 1,560 should be applied to limit downside risk.
Strategy: Buy
Target: Rs 1,650, Rs 1,700
Stop-Loss: Rs 1,560
Hindustan Copper | CMP: Rs 323.65
Hindustan Copper has experienced a strong breakout from its triangle consolidation pattern, with momentum building as volumes increase. The RSI (Relative Strength Index 14) near 55, witnessing an uptick, suggests that the stock is likely to advance towards Rs 340 and Rs 350, with a stop-loss set at Rs 314 for risk management.
Strategy: Buy
Target: Rs 340, Rs 350
Stop-Loss: Rs 314
Aarti Industries | CMP: Rs 617.5
Aarti Industries is offering a low-risk, high-reward setup with a recent touch to its trendline. The RSI (14) near 34, showing an upward move from lower levels, supports the potential for targets of Rs 650 and Rs 675. A strict stop-loss at Rs 590 is recommended to effectively manage risk.
Strategy: Buy
Target: Rs 650, Rs 675
Stop-Loss: Rs 590
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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