Trade Spotlight: How should you trade Ashok Leyland, Mastek, Krsnaa Diagnostics, Federal Bank, Trent, Coromandel International, and others on Monday?

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The Nifty 50 on November 22 recorded a 2.4 percent rally, the biggest single-day gain since June 5, with the breadth favouring bulls. About 1,728 shares advanced, compared to 727 declining shares on the NSE. The positive momentum in the market is likely to continue in the upcoming session, but bulls need to be cautious given the higher volatility. Below are some trading ideas for the near term:

Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One

Ashok Leyland | CMP: Rs 224

Ashok Leyland has seen a decent correction from its peak of Rs 265 towards the 200-day simple moving average (DSMA) on the daily charts. But in the last couple of trading weeks, the stock has started gaining traction from its long-term moving average and has gradually emerged above the 20-day exponential moving average (DEMA). Additionally, the stock is on the verge of an ‘Inverted Head & Shoulders’ pattern breakout on the daily time frame, suggesting a bullish outlook. On the technical parameters, the MACD (Moving Average Convergence Divergence) indicator showcases a reversal from the lower zone, adding to the bullish sentiment. Hence, we recommend buying Ashok Leyland around Rs 220.

Strategy: Buy

Target: Rs 240

Stop-Loss: Rs 208

Coromandel International | CMP: Rs 1,806.5

Coromandel has witnessed a fresh breakout on all-time-frame charts on the back of notable trading volumes. The stock has witnessed a rounding formation, taking support from its 100-day exponential moving average (DEMA) before entering uncharted territory, showcasing a time-wise correction, and aligning technical parameters to favourable conditions. The technical structure seems poised to continue a bullish trend and is highly likely to extend its rally into uncharted territory in the near future. Hence, we recommend buying Coromandel around Rs 1,800–Rs 1,790.

Strategy: Buy

Target: Rs 1,930

Stop-Loss: Rs 1,725

Trent | CMP: Rs 6,653

Trent has recently encountered a phase of profit booking after reaching its peak of Rs 8,345 and is currently hovering near the 100-day exponential moving average (DEMA) on the daily chart. After a long haul, the stock has corrected to the 100 DEMA. The technical parameters have reached the oversold territory, which historically has signaled a strong rebound. This suggests a promising opportunity for a rebound from its corrective phase. Furthermore, the 14-day RSI (Relative Strength Index) has signaled a positive crossover, suggesting that the stock is well-positioned to continue its upward journey in the near future. Hence, we recommend buying Trent around Rs 6,640–6,600.

Strategy: Buy

Target: Rs 7,220

Stop-Loss: Rs 6,290

Vinay Rajani, CMT, Senior Technical/Derivative Analyst at HDFC Securities.

Federal Bank | CMP: Rs 209.4

Federal Bank has surpassed the crucial resistance of the previous swing high placed at Rs 203. The stock price has risen with a jump in volumes. It is placed above all important moving averages, indicating a bullish trend on all time frames. The Private Bank index has started outperforming over the last couple of weeks. Indicators and oscillators have turned bullish on the daily charts.

Strategy: Buy

Target: Rs 224, Rs 240

Stop-Loss: Rs 195

Mastek | CMP: Rs 3,226

Mastek has surpassed the crucial resistance of the previous swing high of Rs 3,145. The stock is placed near its 52-week high and is now marching towards its all-time high. The primary trend of the stock is bullish, as it has been sustaining above all important moving averages. Indicators and oscillators have been showing strength on the weekly and monthly charts.

Strategy: Buy

Target: Rs 3,475

Stop-Loss: Rs 3,050

Krishna Institute of Medical Sciences | CMP: Rs 595

Krishna Institute of Medical Sciences has broken out from the multi-week consolidation by crossing the level of Rs 580. Short-term moving averages are trading above medium to long-term moving averages, which indicates a bullish trend. The stock has recently registered a fresh all-time high at Rs 606 with rising volumes. The healthcare sector has been outperforming for the last couple of weeks.

Strategy: Buy

Target: Rs 634

Stop-Loss: Rs 560

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Krsnaa Diagnostics | CMP: Rs 972

Krsnaa Diagnostics is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, which shows bullish sentiment. Recently, the stock recaptured its 20-day SMA (Simple Moving Average) and rebounded sharply, indicating buying force. With the current close, the stock has decisively broken out past the three-week "multiple resistance" zone of Rs 960 on a closing basis, indicating a positive bias. Over the past couple of months, a significant increase in volumes signifies higher participation. The stock is well-placed above its 20, 50, 100, and 200-day SMAs, with these averages also inching upwards along with the price rise, which reaffirms the bullish trend. The daily, weekly, and monthly strength indicator RSI are all in positive territory, justifying the rising strength across all time frames. Investors should buy, hold, and accumulate this stock.

Strategy: Buy

Target: Rs 1,020, Rs 1,085

Stop-Loss: Rs 930

DLF | CMP: Rs 803.4

Since January 2024, DLF has been consolidating in a broad range between Rs 950-740, representing a medium-term sideways trend. The stock recently marked a weekly low of Rs 744 around the one-year "multiple demand" zone of Rs 740 and rebounded sharply, showing a strong comeback of bulls. The significant increase in volumes indicates higher participation. The daily strength indicator RSI has turned bullish, suggesting rising strength at lower levels. Investors should buy, hold, and accumulate this stock.

Strategy: Buy

Target: Rs 855, Rs 925

Stop-Loss: Rs 775

Stove Kraft | CMP: Rs 781

In the past couple of months, Stove Kraft has witnessed a sharp price correction from the Rs 967 level. However, with the current week's strong gains, the stock has observed good buying momentum from its previous breakout zone of Rs 700. On the weekly and monthly charts, the stock is in a strong uptrend, forming a series of higher tops and bottoms, indicating that such minor corrections towards prior support zones remain a buying opportunity. Investors should buy, hold, and accumulate this stock.

Strategy: Buy

Target: Rs 890, Rs 955

Stop-Loss: Rs 745

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.