The benchmark indices recorded a strong consolidation breakout on May 15, with the Nifty 50 rising 1.6 percent to hit a seven-month high. The market breadth remained in favour of the bulls, with about 1,806 shares advancing against 798 declining on the NSE. Bulls appear to be in healthy momentum and may continue driving the market rally further. Below are some short-term trading ideas to consider:
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
HDFC Asset Management Company | CMP: Rs 4,702.4
HDFC AMC has given a decisive range breakout on the daily chart, accompanied by a large-bodied bullish candle, signifying strong buying interest and momentum. The stock has consistently respected its 50-day Exponential Moving Average (DEMA), with every minor dip being absorbed quickly—indicating accumulation at lower levels. The MACD (Moving Average Convergence Divergence) is trending upward, reinforcing the bullish momentum and suggesting the recent breakout could see further follow-through. The overall structure remains constructive with potential for a sustained upside toward the Rs 5,000 mark.
Strategy: Buy
Target: Rs 5,000
Stop-Loss: Rs 4,570
Grasim Industries | CMP: Rs 2,824.8
Grasim Industries has witnessed a bullish breakout from a classic Flag and Pole pattern, a continuation pattern that typically signals the resumption of an existing uptrend. The breakout is supported by a notable surge in volumes, adding strength and credibility to the move. The RSI remains above 60 and is trending higher, reflecting strong momentum. With price sustaining above the breakout zone and broader market support, the stock looks poised for an upward move toward Rs 2,950 in the near term.
Strategy: Buy
Target: Rs 2,950
Stop-Loss: Rs 2,765
Ashok Leyland | CMP: Rs 239.36
Ashok Leyland has broken out of a consolidation zone on the daily timeframe, indicating a shift from a sideways phase to a trending move. The breakout is supported by improving sector sentiment, with buying seen across the Auto segment, enhancing stock-specific bullishness. The RSI is above 60 and rising, indicating increasing strength and momentum. With a strong base formation and volume expansion, the stock appears set to move toward Rs 255, offering a favourable risk-reward setup.
Strategy: Buy
Target: Rs 255
Stop-Loss: Rs 232
Om Mehra, Technical Research Analyst at Samco Securities
ONGC | CMP: Rs 247.61
Oil & Natural Gas Corporation (ONGC) has displayed gradual strength over recent sessions and is now trading above its 50-day simple moving average, suggesting a shift toward a positive outlook. The price setup is improving, supported by consistent green closes and moderate volume build-up, indicating accumulation. The stock has also held above its short-term support base, strengthening the overall tone.
The RSI stands at 56 and is trending upward with a steady slope, reflecting improving momentum without entering the overbought zone. The MACD has confirmed a positive crossover, with the histogram turning green—signalling a potential start of a new bullish phase. A sustained move above Rs 250 could lead to further upside toward recent swing highs.
Strategy: Buy
Target: Rs 264
Stop-Loss: Rs 238
DLF | CMP: Rs 709
DLF has delivered a decisive breakout above the ?700 resistance zone, supported by a strong bullish candle and a close near the day’s high. The stock has been gradually forming higher lows, and the breakout confirms a continuation of the emerging uptrend. The price is now trading well above the 20-day SMA, reaffirming strength in the short-term outlook.
The RSI is at 58 with a positive slope, indicating rising momentum. The MACD has entered a clear bullish crossover, with histogram bars expanding on the positive side. Volume also showed an uptick on the breakout day, confirming participation. The setup suggests potential for further upside if it sustains above Rs 715.
Strategy: Buy
Target: Rs 745
Stop-Loss: Rs 688
UltraTech Cement | CMP: Rs 11,894
UltraTech Cement has broken out of a narrow consolidation band, after trading sideways between Rs 11,530 and RS 11,860. The breakout is supported by a strong bullish candle, which closed above the upper boundary and near the day’s high—signalling increased buying interest. The stock is now comfortably above the 9 EMA and 20 SMA, while the 50-day moving average is sloping upward, confirming a positive undertone.
The RSI has turned upward and crossed 55, indicating renewed bullish momentum. The price has also crossed above the 23.6% Fibonacci retracement level of the previous decline, adding confirmation. Volume has shown a mild uptick, supporting the breakout structure. Sustaining above this zone may trigger follow-through buying and open the door for higher levels in the near term.
Strategy: Buy
Target: Rs 12,500
Stop-Loss: Rs 11,640
Hardik Matalia, Derivative Analyst at Choice Broking
Macrotech Developers | CMP: Rs 1,371
Lodha is consolidating within a wide trading range, forming a Descending Triangle pattern on the daily chart. The stock is now on the verge of a breakout, with recent price action reflecting strong bullish intent. A robust bullish candle on the daily timeframe further reinforces the potential for a directional move.
A breakout and sustained trade above the Rs 1,400 mark would confirm the pattern breakout and could set the stage for a short-term rally toward Rs 1,520. This level now acts as a crucial resistance zone, and a decisive move beyond it may open the path for further gains. Momentum indicators support this scenario—the RSI at 60.97 is showing an upward reversal, suggesting strengthening momentum.
Additionally, Lodha has recently bounced above all key moving averages (short-, medium-, and long-term EMAs), signalling a shift toward bullish control and overall technical strength. From a price action perspective, the stock appears to be transitioning from a consolidation phase to an upward breakout, with renewed buying interest near its base—making the current setup favourable from a risk-reward standpoint.
Strategy: Buy
Target: Rs 1,520
Stop-Loss: Rs 1,300
Eris Lifesciences | CMP: Rs 1,482.4
Eris Lifesciences is showing signs of a potential breakout after a prolonged consolidation phase. The stock has been trading within a well-defined horizontal range, forming a rectangle pattern. This consolidation, following a strong prior uptrend, suggests a possible continuation pattern, with price currently hovering near the upper resistance of the range.
A strong bullish candle has formed on the daily chart, closing near the upper boundary of the range—suggesting rising buying interest. A decisive and sustained breakout above the Rs 1,510–Rs 1,520 zone could confirm the pattern breakout, opening the door for a short-term rally toward Rs 1,660, based on the height of the consolidation range.
Eris is trading above all major moving averages—short-term, medium-term, and long-term EMAs—indicating a well-aligned bullish trend. The convergence of these averages below current price lends additional strength and serves as dynamic support. Momentum indicators also support the bullish scenario—the RSI at 57.48 is trending upward, reflecting strengthening momentum and rising buyer interest. Volume patterns show steady accumulation near support and increasing activity near the breakout zone, hinting at institutional participation.
Strategy: Buy
Target: Rs 1,660
Stop-Loss: Rs 1,395
Linde India | CMP: Rs 7,154
Linde India has witnessed a strong breakout from both a descending trend line and a horizontal consolidation range. The price action reflects a significant bullish development, with the stock surging strongly and supported by a rise in volumes.
The chart displays a clear descending trend line connecting lower highs since the April 2024 peak, which the stock has convincingly broken above. Simultaneously, it also broke out of a broad consolidation range that had capped prices for several months. This dual breakout signals a strong shift in market sentiment from sideways to bullish.
The stock has reclaimed all key moving averages—including the 20 EMA (short-term), 50 EMA (medium-term), and 200 EMA (long-term)—adding further confirmation to the bullish setup. The alignment of these moving averages now offers strong support on any minor pullbacks.
The RSI is at 72.43, entering the overbought zone—a signal of strength during breakout phases, especially when supported by volume expansion.
Strategy: Buy
Target: Rs 8,050
Stop-Loss: Rs 6,720
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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