The benchmark indices remained in negative terrain for another session, with the Nifty 50 declining 0.17 percent amid rangebound trading on June 18. Bears continued to control market breadth, with about 1,689 shares declining compared to 894 advancing shares on the NSE. The market is likely to remain rangebound with focus on the Iran-Israel conflict. Below are some short-term trading ideas to consider:
Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Mirae Asset Sharekhan
Asahi India Glass | CMP: Rs 771.3
Asahi India Glass has broken out of a Symmetrical Triangle pattern on the daily charts, suggesting a resumption of the next leg of the upmove. The daily momentum indicator has given a positive crossover, which is a buy signal. The breakout has been accompanied by above-average volume, indicating renewed interest in the stock. We expect the stock to continue its upward move and target levels of Rs 844.
Strategy: Buy
Target: Rs 844
Stop-Loss: Rs 755
Kotak Mahindra Bank | CMP: Rs 2,132.4
Kotak Mahindra Bank has taken support at a cluster of Rs 2,075–2,095, which coincides with the 61.82% Fibonacci retracement level (Rs 2,087) of the previous five-wave advance, as well as the 20- and 40-day moving averages. Both the daily and hourly momentum indicators have shown a positive crossover, indicating a buy signal. We expect a sharp upmove in the stock.
Strategy: Buy
Target: Rs 2,214, Rs 2,267
Stop-Loss: Rs 2,103
Sudeep Shah, Deputy Vice President and Head of Technical and Derivative Research at SBI Securities
Avenue Supermarts | CMP: Rs 4,228.4
Avenue Supermarts (DMart) has been trading in a horizontal channel on the daily chart for the last 25 trading sessions. Currently, it is on the verge of a channel breakout. On Wednesday, trading volumes were above the 50-day average, a sign of accumulation before a potential breakout.
The broader trend remains bullish, with the stock quoting above its short- and long-term moving averages. Notably, the daily RSI is about to break out of a rising channel on the daily scale. Hence, we recommend accumulating the stock in the Rs 4,240–4,200 range, with a stop-loss at Rs 4,090. On the upside, it is likely to test Rs 4,580 in the short term.
Strategy: Buy
Target: Rs 4,580
Stop-Loss: Rs 4,090
AU Small Finance Bank | CMP: Rs 794.5
On Wednesday, AU Small Finance Bank gave a 6-day Flag pattern breakout on the daily scale, confirmed by robust volume. Additionally, the stock formed a sizeable bullish candle on the breakout day, adding strength to the move. As the stock is trading at all-time high levels, all moving averages and momentum-based indicators suggest strong bullish momentum. The daily RSI is in a super bullish zone as per RSI range shift rules. Hence, we recommend accumulating the stock in the Rs 795–790 range, with a stop-loss at Rs 765. On the upside, it is likely to test Rs 850 in the short term.
Strategy: Buy
Target: Rs 850
Stop-Loss: Rs 765
Rupak De, Senior Technical Analyst at LKP Securities
Cyient | CMP: Rs 1,356.5
Cyient has resumed its upward trajectory after a few days of sideways consolidation. This rise, following a prolonged period of rangebound movement, indicates growing optimism. A positive crossover between the 21 EMA and 50 EMA signals a strengthening uptrend, while a bullish crossover in the RSI suggests renewed positive momentum. This clean bullish setup may trigger fresh demand, potentially driving the stock toward Rs 1,465 in the short term. Support is placed at Rs 1,314.
Strategy: Buy
Target: Rs 1,465
Stop-Loss: Rs 1,314
Vedant Fashions | CMP: Rs 810.6
Vedant Fashions has broken out of a brief consolidation phase on the daily chart, suggesting renewed optimism. The recent upmove has been accompanied by a significant spike in volume, indicating strong participation. Furthermore, the price has crossed above the key 21 EMA, and the daily RSI has entered a bullish crossover. Given this setup, the stock has the potential to move toward Rs 880 in the near term. Support is placed at Rs 788; a drop below this level may result in a loss of bullish momentum.
Strategy: Buy
Target: Rs 880
Stop-Loss: Rs 788
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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