The benchmark indices closed off the day's low amid rangebound trading, down 0.35 percent on April 3 after tariffs were announced by the US government. However, the market breadth remained positive for the third consecutive session, with about 1,851 shares advancing compared to 752 declining shares on the NSE. The consolidation and rangebound trading may continue in the near term. Below are some trading ideas for the near term:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Mazagon Dock Shipbuilders | CMP: Rs 2,737.55
Mazagon Dock Shipbuilders has broken out from a descending trendline. It has also retested the breakout level and formed a strong bullish candlestick pattern. A close above Rs 2,750 could trigger further momentum, with upside targets of Rs 3,200 and Rs 3,400 in the coming months. Technical indicators support the bullish outlook. The RSI (Relative Strength Index) is trending upward at 68.4, indicating strong buying strength. Additionally, the price is trading above all key exponential moving averages (20, 50, 100, and 200 EMA), reinforcing the stock’s bullish trend.
On the downside, immediate support is near Rs 2,600, offering a dip-buying opportunity. If the stock corrects to this level, it may present a favourable risk-reward entry. A stop-loss at Rs 2,520 is recommended to manage risk effectively and protect against unexpected volatility.
Strategy: Buy
Target: Rs 3,200, Rs 3,400
Stop-Loss: Rs 2,520
SJVN | CMP: Rs 95.77
SJVN is on the verge of breaking out from a falling trendline with significant volume. The price is consolidating just below the breakout level, indicating potential strength. If the stock closes above Rs 97, it could trigger a strong upward move, with targets of Rs 110 and Rs 120. On the downside, Rs 91 acts as immediate support, offering a buying opportunity on dips.
The RSI on the daily chart stands at 59.66, rebounding from the oversold zone, which strengthens the reversal signal. Additionally, SJVN is trading above the 20- and 50-day EMAs, increasing the likelihood of an extended uptrend. At the current level, SJVN presents a favourable buying opportunity.
Strategy: Buy
Target: Rs 110, Rs 120
Stop-Loss: Rs 88
Kirloskar Oil Engines | CMP: Rs 752.55
Kirloskar Oil Engines is on the verge of a breakout, forming a Cup and Handle pattern with significant volume. The price is consolidating just below the breakout level, indicating potential strength. If the stock closes above Rs 760, it could trigger a strong upward move, with targets of Rs 850 and Rs 900. On the downside, Rs 715 acts as immediate support, offering a buying opportunity on dips. The RSI on the daily chart stands at 60.2, rebounding from the oversold zone, which strengthens the reversal signal. Additionally, Kirloskar Oil Engines is trading above the 20- and 50-day EMAs, increasing the likelihood of an extended uptrend.
Strategy: Buy
Target: Rs 850, Rs 900
Stop-Loss: Rs 700
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
Bandhan Bank | CMP: Rs 156.6
Bandhan Bank has broken out of a triangle pattern on the daily chart with a large-bodied bullish candlestick. Buying was visible across the banking space, which may support the upward momentum. The RSI indicator is headed up to support the price momentum.
Strategy: Buy
Target: Rs 167
Stop-Loss: Rs 151
Jubilant Foodworks | CMP: Rs 692.7
Jubilant Foodworks has formed a Bullish Flag and Pole pattern with higher-than-average traded volumes, suggesting a continuation of the uptrend. The RSI indicator is positively placed, which has bullish implications.
Strategy: Buy
Target: Rs 730
Stop-Loss: Rs 675
Tata Communications | CMP: Rs 1,631.25
Tata Communications has given a range breakout on the daily scale and is holding its 50 DEMA support zones. The MACD (Moving Average Convergence Divergence) indicator is headed up, which confirms the upward momentum.
Strategy: Buy
Target: Rs 1,760
Stop-Loss: Rs 1,575
Om Mehra, Technical Research Analyst at Samco Securities
State Bank of India | CMP: Rs 779.2
State Bank of India (SBI) has been witnessing a steady recovery from recent lows, forming a series of higher highs and higher lows. However, the stock is currently trading near a key resistance zone around Rs 780–Rs 785, where a breakout could trigger a fresh leg of upside. The consolidation just below the breakout level, along with a rise in volumes, signals strong accumulation and buyer interest.
The daily RSI is trending upward and holds firmly above 66, indicating momentum is gaining strength. The stock is also holding above key short-term averages and supertrend support, which reinforces the bullish structure. A breakout above the immediate resistance zone could open the path toward higher targets in the near term. Hence, based on the technical structure, one can initiate a long position at CMP (current market price).
Strategy: Buy
Target: Rs 830
Stop-Loss: Rs 760
Torrent Power | CMP: Rs 1,552
Torrent Power has delivered a strong breakout from a Bullish Flag pattern on the daily chart, signaling continuation of the prevailing uptrend. The stock surged 2.80% in the last session, backed by a noticeable pickup in volumes, indicating renewed buying interest and strength in the breakout. The stock continues to trade above its 20-day moving average, reinforcing short-term bullish momentum.
The daily RSI stands elevated at 70, reflecting strong upward strength without entering an overbought zone. Notably, the stock has formed a classic Cup and Handle pattern on the daily chart, a bullish continuation formation that adds further strength. Hence, based on the technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 1,680
Stop-Loss: Rs 1,495
Bharat Dynamics | CMP: Rs 1,343.5
Bharat Dynamics has witnessed a sharp surge in the last session, inching above its crucial resistance zone of Rs 1,325. This level had acted as a strong barrier multiple times in the past, and the current breakout, backed by a significant spike in volumes, signals a potential trend reversal and the beginning of a fresh upward move.
The daily RSI stands strong at 65 and continues to trend higher, reflecting renewed momentum. The price breakout is accompanied by robust participation, confirming strong buying interest. A sustained move above the breakout zone could unlock further upside, while the previous resistance now turns into a key support level. Hence, based on the technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 1,460
Stop-Loss: Rs 1,290
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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