The market was under pressure after a day of gains, with the Nifty 50 declining by 0.7 percent on November 21, while the breadth was weak. About 1,824 shares declined compared to 658 advancing shares on the NSE. The market may attempt to rebound amid consolidation, but it seems unsustainable given the overall negative sentiment. Below are some trading ideas for the near term:
Amol Athawale, VP-technical Research at Kotak Securities
Ashok Leyland | CMP: Rs 218.9
Post short-term correction, Ashok Leyland has rebounded and is moving within a rising channel in recent sessions. Moreover, on the daily charts, the stock has formed a Cup and Handle chart pattern. Therefore, a breakout move from the resistance zone for a bullish continuation rally is likely to occur in the coming trading sessions.
Strategy: Buy
Target: Rs 235
Stop-Loss: Rs 210
Jindal Steel & Power | CMP: Rs 871
After a short-term price correction, Jindal Steel & Power is near its multiple support zones. The decent volume activity near the support zone indicates that the downside is restricted. Therefore, the current rebound in the stock is expected to witness further bullish momentum from the current levels, offering a favourable risk-reward perspective.
Strategy: Buy
Target: Rs 930
Stop-Loss: Rs 835
DLF | CMP: Rs 774
On a daily time frame, DLF has been in a downtrend. It is now in oversold territory and near its demand area. The chart formation and technical indicator RSI (Relative Strength Index) suggest that the stock is very likely to rebound for a new leg of the uptrend from its demand zone.
Strategy: Buy
Target: Rs 830
Stop-Loss: Rs 745
Ameya Ranadive, CMT CFTe, Senior Technical Analyst at StoxBox
HFCL | CMP: Rs 127.3
HFCL has shown impressive performance in 2024, with a sharp upmove from Rs 83 to Rs 170 earlier this year. However, the stock faced a significant correction, shedding 34 percent from its peak. Despite this, the price action since its October low indicates a recovery, as the stock is forming higher highs and higher lows while moving within an upward-trending channel.
From a technical perspective, the ADX (Average Directional Index) remains above 25, signaling a strong trend, while the RSI has bounced back from oversold levels, indicating renewed buying interest. Additionally, the stock is sustaining above its 100-day and 200-day EMAs (Exponential Moving Averages), reflecting underlying bullish momentum. Considering these factors, HFCL presents a promising positional buy opportunity at Rs 127. However, the bullish view will be negated if the stock falls below Rs 112.
Strategy: Buy
Target: Rs 145, Rs 152
Stop-Loss: Rs 112
Coromandel International | CMP: Rs 1,768
Coromandel International, part of the specialty chemicals sector, has demonstrated strong resilience by moving against the broader market trend. The stock recently achieved a Cup-and-Handle breakout, and sustained trading above Rs 1,785 could unlock further upside potential. The technical setup is encouraging, with the RSI at 61, reflecting moderate strength, and the ADX at 18, indicating a stable trend. The stock is trading above all its key moving averages (20-day, 50-day, 100-day, and 200-day EMAs), signaling a well-established uptrend.
With these factors in play, Coromandel International is a strong positional buy once Rs 1,785 is sustained, targeting Rs 1,900–Rs 1,950. The bullish outlook will be invalidated if the stock falls below Rs 1,660.
Strategy: Buy
Target: Rs 1,900, Rs 1,950
Stop-Loss: Rs 1,660
National Aluminium Company | CMP: Rs 248
National Aluminium Company (NALCO) has been in focus due to favourable developments in the aluminum sector, driven by robust global demand and improving domestic fundamentals. The company’s recent earnings have spurred a surge in volumes, with the stock gaining traction from Rs 230 levels.
Technically, NALCO has broken out at Rs 252, supported by strong volumes. The Bollinger Bands have expanded after a period of contraction, indicating a potential continuation of the uptrend. The RSI at 66 highlights strength, suggesting further upside momentum. At the current level, NALCO is a good buy, but sustaining above Rs 252 is crucial for achieving a target of Rs 282. A break below Rs 228 would lead to a loss of momentum and invalidate the bullish outlook.
Strategy: Buy
Target: Rs 282
Stop-Loss: Rs 228
Mandar Bhojane, Equity Research Analyst at Choice Broking
Shilpa Medicare | CMP: Rs 936
Shilpa Medicare has shown a bullish breakout from a Pennant formation on the daily chart. This breakout, confirmed by a retest of the resistance level and accompanied by a notable increase in trading volumes, signals strong upward momentum. A close above Rs 935 could unlock short-term targets of Rs 1,120 and Rs 1,165, highlighting its potential for significant gains. Immediate support lies at Rs 860, offering a strategic entry point during pullbacks. To safeguard against market reversals, setting a stop-loss at Rs 830 is recommended. The RSI, trending upward at 63.8, indicates strengthening buying momentum. Combined with the breakout dynamics and volume surge, Shilpa Medicare emerges as a strong candidate for short-term growth.
Strategy: Buy
Target: Rs 1,120, Rs 1,165
Stop-Loss: Rs 830
CRISIL | CMP: Rs 5,589.5
CRISIL has broken out from a rounding bottom pattern on the daily chart, supported by a sharp increase in trading volume, which signals strong bullish momentum. Sustaining above the Rs 5,600 level is crucial, as it opens the path for potential upside targets of Rs 6,400 and Rs 6,550 in the short term. This pattern, coupled with volume confirmation, reinforces the stock's positive outlook. On the downside, immediate support is positioned at Rs 5,200, presenting attractive buying opportunities during any pullbacks. The RSI, currently at 66.14 and trending upward, reflects increasing buying strength and supports the bullish sentiment. This indicates that market participants are showing heightened interest in the stock, further strengthening its upward trajectory.
Strategy: Buy
Target: Rs 6,400, Rs 6,550
Stop-Loss: Rs 5,100
Central Depository Services | CMP: Rs 1,544
CDSL is currently forming an ascending triangle pattern on the daily chart, with a reversal from the support level, accompanied by a significant increase in trading volume. This combination indicates a potential bullish reversal. A decisive close above Rs 1,550 could drive the stock toward short-term targets of Rs 2,000 and Rs 2,100. The stock, trading above all key EMAs, further supports the bullish outlook. On the downside, immediate support is observed at Rs 1,480, providing potential buying opportunities on dips. The RSI is at 54 and trending upward, signaling strengthening buying momentum and reinforcing positive sentiment around the stock.
Strategy: Buy
Target: Rs 2,000, Rs 2,100
Stop-Loss: Rs 1,440
Kunal Kamble, Senior Technical Research Analyst at Bonanza
Amber Enterprises | CMP: Rs 6,542.6
After three weeks of consolidation, Amber Enterprises has closed above its consolidation range, signaling a breakout. The price is trading above both the fast 50 EMA and slow 200 EMA, confirming an uptrend. The increase in volume during the breakout further supports strong buyer interest. The RSI is positioned in the upper range, indicating bullish momentum. The DI+ (Directional Indicator) is above DI-, suggesting an uptrend, while the price trading above the DI lines highlights strength in the security.
Strategy: Buy
Target: Rs 7,300
Stop-Loss: Rs 6,180
Artemis Medicare Services | CMP: Rs 320
Artemis Medicare has broken out of a Pennant pattern on the daily timeframe, signaling a strong bullish continuation. The breakout is supported by above-average volumes, indicating significant buying interest. The stock is trading above key EMAs, confirming the prevailing uptrend. Additionally, the RSI has broken its resistance, aligning with the bullish price action. From a directional standpoint, the DI+ is firmly above DI-, confirming the uptrend, while the ADX above DI- highlights the strength of the current momentum.
Strategy: Buy
Target: Rs 390, Rs 450
Stop-Loss: Rs 285
Indian Metals & Ferro Alloys | CMP: Rs 800
Indian Metals & Ferro Alloys has broken out of a falling trendline with increasing volume, signaling strong buying interest. After a period of consolidation, the price has managed to close above the previous high, further confirming bullish sentiment. The price is trading above both the fast 50 EMA and the slow 200 EMA, indicating an uptrend. Additionally, the RSI has broken out of its falling trendline, aligning with the price action and reinforcing the bullish outlook. The DI+ is trading above DI-, signaling an uptrend, while the ADX above DI- suggests strength in the ongoing move.
Strategy: Buy
Target: Rs 900, Rs 950
Stop-Loss: Rs 715
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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