The market has seen some consolidation after surpassing the crucial hurdle of 23,800 and closed off the day's high with a 10-point gain on March 25. Bears managed to dominate market breadth, with 2,078 shares declining compared to 554 rising shares on the NSE. The benchmark indices remain bullish despite Tuesday's consolidation and are expected to move northward in the upcoming sessions. Below are some trading ideas for the near term:
Amol Athawale, VP-Technical Research, Kotak Securities:
Axis Bank | CMP: Rs 1,118.55
On the daily and weekly scale, Axis Bank is in a rising channel chart formation with a higher high and higher low series pattern. The counter witnessed a steady recovery from the lower levels. Additionally, the technical indicator RSI (Relative Strength Index) is also indicating a further uptrend from current levels, which could boost the bullish momentum in the near future.
Strategy: Buy
Target: Rs 1,190
Stop-Loss: Rs 1,070
Tech Mahindra | CMP: Rs 1,455.5
On a daily time frame, Tech Mahindra had been in a downtrend. Therefore, it is currently in oversold territory and is available near its demand area. Moreover, the breakout from the sloping channel chart formation and the technical indicator RSI are indicating that the stock is very likely to rebound for a new leg of the upmove in the coming horizon.
Strategy: Buy
Target: Rs 1,550
Stop-Loss: Rs 1,400
Bajaj Finserv | CMP: Rs 1,945
Bajaj Finserv has given a breakout of its symmetrical triangle chart pattern with a strong bullish candlestick. Additionally, on the daily and weekly charts, it has formed a higher bottom formation. Therefore, the structure of the counter indicates further bullish momentum from the current levels. Unless it is trading below Rs 1,870, positional traders can retain an optimistic stance and look for a target of Rs 2,070.
Strategy: Buy
Target: Rs 2,070
Stop-Loss: Rs 1,870
Nandish Shah, Senior Technical and Derivative Analyst at HDFC Securities
Power Mech Projects | CMP: Rs 2,613.35
Power Mech Projects has broken out on the daily chart from the downward sloping trendline with higher volumes. The stock price is on the verge of forming a bullish engulfing pattern on the monthly charts. Momentum indicators and oscillators like MFI (Money Flow Index) and RSI are sloping upwards and placed above 60 on the daily chart, suggesting strength in the current bullish trend. Therefore, we recommend buying Power Mech at CMP (current market price) and accumulating on declines around Rs 2,500 for targets of Rs 2,900 and Rs 3,020.
Strategy: Buy
Target: Rs 2,900, Rs 3,020
Stop-Loss: Rs 2,350
UltraTech Cement | CMP: Rs 11,421.2
The primary trend of UltraTech Cement is positive as the stock price is placed above its 200-day EMA. The stock price is on the verge of breaking out from the downward sloping trendline adjoining the highs of December 16, 2024, and February 7, 2025. The stock price is in a strong uptrend as it has been forming a bullish higher top higher bottom formation on the monthly chart. During the recent correction, the stock price took support at the 100-week EMA and reversed northwards. Momentum indicators and oscillators are showing strength in the current uptrend of the stock.
Strategy: Buy
Target: Rs 12,220, Rs 12,600
Stop-Loss: Rs 10,700
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Jupiter Life Line Hospitals | CMP: Rs 1,698.55
Jupiter Life Line Hospitals consistently managed to outperform since the start of March 2025 and has shown a rally of more than 25%. On the daily chart, the stock has formed a Rounding Bottom pattern. However, it has not yet closed above Rs 1,710 levels. A close above this level is needed for the breakout of the said pattern. Also, the 30 EMA (Exponential Moving Average) has crossed the 60 EMA (Exponential Moving Average), which is a bullish crossover and indicates that the short-term bias has turned positive.
A follow-up buying above Rs 1,710 can extend this rally further. In summary, the trend for the stock is bullish. A break above Rs 1,710 can take prices higher towards Rs 1,775, followed by Rs 1,840 levels. On the downside, Rs 1,645 is the nearest support level.
Strategy: Buy
Target: Rs 1,775, Rs 1,840
Stop-Loss: Rs 1,645
JB Chemicals and Pharmaceuticals | CMP: Rs 1,730.4
In the previous session, JB Chemicals managed to shine and outperform its sector, surging by more than 3%. Moreover, after prices reversed from the lower Bollinger bands, it has managed to protect its prior day’s low on a closing basis since March 17, which suggests that bulls are tightening their grip by each passing day, visible on the daily chart.
Currently, prices have completed their journey towards the upper bands and have also closed above it, which is a sign of strength. Along with this, the MACD (Moving Average Convergence Divergence) has already given a bullish crossover, which further supports our overall stance. In summary, the current trend for JB Chemicals is on the side of the bulls. A break above Rs 1,750 levels can lead to a trending move towards Rs 1,820, followed by Rs 1,890 levels. On the downside, Rs 1,680 is the nearest support to watch out for.
Strategy: Buy
Target: Rs 1,820, Rs 1,890
Stop-Loss: Rs 1,680
Jubilant Foodworks | CMP: Rs 668
Jubilant Foodworks has managed to outperform its sector, which is a strong bullish sign. The stock has been moving within an upward sloping channel for more than a year, during which in the previous week, prices took support from the lower end of the channel and reversed on the upside. Moreover, prices for the past 7 trading sessions have protected their previous day’s low, which keeps the daily bias in favour of the bulls.
Also, the stock has managed to close above its important resistance of Rs 660 levels, which is a positive sign. Along with this, Parabolic SAR dots have recently started to form below the prices, suggesting that bullish momentum has started to build up in this stock. In summary, the current trend for Jubilant Foodworks is on the positive side. A break above Rs 677 levels can further boost positive momentum towards Rs 705, followed by Rs 730 levels. On the downside, Rs 650 is the nearest support.
Strategy: Buy
Target: Rs 705, 730
Stop-Loss: Rs 650
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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