Bears staged a spectacular performance for another session, dragging the Nifty 50 down 1 percent on September 26, with weak breadth. A total of 2,337 shares saw selling pressure compared to 460 advancing shares on the NSE. The market may see a bounce-back after the significant selling pressure of last week, but sustainability is the key to watch. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Ashok Leyland | CMP: Rs 141.93
Ashok Leyland is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. On the weekly chart, the stock has also confirmed a "rounding bottom" formation breakout at Rs 134 levels on a closing basis. This breakout is accompanied by huge volumes, which signifies increased participation.
The stock is well-placed above its 20-, 50-, 100-, and 200-day SMAs, which reconfirms a bullish trend, and these averages are also inching up along with the price rise. The weekly Bollinger Bands buy signal indicates increased momentum. The weekly and monthly strength indicator RSI also indicates rising strength.
Strategy: Buy
Target: Rs 150, Rs 157
Stop-Loss: Rs 135
Minda Corporation | CMP: Rs 571.3
Since August 2024, Minda Corporation has been consolidating within the Rs 550–450 range; however, with last week's close, the stock has decisively surpassed the weekly down-sloping trendline resistance at Rs 562 levels, along with huge volumes, which signals the resumption of the prior uptrend.
Currently, the stock is well-placed above its 20-, 50-, 100-, and 200-day SMAs, which reconfirms a bullish trend. The daily, weekly, and monthly strength indicator RSI indicates rising strength.
Strategy: Buy
Target: Rs 607, Rs 640
Stop-Loss: Rs 555
Larsen & Toubro | CMP: Rs 3,730
With Friday's strong movement, Larsen & Toubro has decisively surpassed the past 8–9 months' multiple resistance zone of Rs 3,700 levels on a closing basis. Huge volumes on this breakout signify increased participation. The stock is well-placed above its 20-, 50-, 100-, and 200-day SMAs, and these averages are also inching up along with the price rise, which reconfirms a bullish trend. The daily Bollinger Band buy signal indicates increased momentum. The daily and weekly strength indicator RSI indicates rising strength.
Strategy: Buy
Target: Rs 3,855, Rs 3,950
Stop-Loss: Rs 3,700
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
NTPC | CMP: Rs 337.9
NTPC has recently undergone a notable resurgence, marked by a multi-week breakout observed on the daily chart. The stock has ascended above the 200-day SMA and has also demonstrated a positive crossover among the short-term EMAs. Furthermore, the stock has displayed early indicators of a trend reversal on the SuperTrend indicator, bolstering the bullish outlook. In addition, the MACD signal line has experienced a positive crossover near the zero line, which contributes to the overall bullish sentiment.
Strategy: Buy
Target: Rs 355, Rs 358
Stop-Loss: Rs 322
Shipping Corporation of India | CMP: Rs 225.45
SCI has demonstrated a notable increase over the past week, with a surge in trading volumes, culminating in a sloping trendline breakout on the daily charts. This upward movement has been supported by positive crossovers among the short- and medium-term EMAs. Moreover, the stock exhibits a secular upward trend in its daily chart structure, signaling substantial underlying strength. The optimistic outlook for this stock is further enhanced by a positive crossover observed in the 14-week RSI and the MACD, collectively reinforcing the bullish sentiment.
Strategy: Buy
Target: Rs 238, Rs 240
Stop-Loss: Rs 208
Anshul Jain, Head of Research at Lakshmishree Investments
Lumax Auto Technologies | CMP: Rs 1,298.5
Lumax Auto Technologies has broken out of a bullish cup and handle pattern and is displaying strong relative strength compared to the broader indices. Notably, in a week when the index witnessed sharp declines, the stock defied the trend and broke out to fresh all-time highs.
A sustained move above Rs 1,270 will add momentum and open the path towards Rs 1,550 levels initially. Both moving averages and momentum indicators are aligned in favour of the bulls, suggesting that the breakout is likely to sustain and attract further participation. The structure remains highly constructive for a continued upmove.
Strategy: Buy
Target: Rs 1,550
Stop-Loss: Rs 1,240
Aditya Vision | CMP: Rs 572
Aditya Vision has broken out of a bullish 191-day cup and handle pattern on the daily charts. Post-breakout, the stock has formed a bullish flag over the past six sessions — a continuation pattern that strengthens the overall structure. A sustained breakout above Rs 580 will likely trigger follow-through buying and open the way towards Rs 700 levels in the near term. Daily moving averages and momentum indicators remain supportive, suggesting that the upmove has strong potential to sustain further. The technical setup remains firmly in favour of the bulls.
Strategy: Buy
Target: Rs 700
Stop-Loss: Rs 530
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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