Bulls retained their support to the market for three consecutive days, lifting the benchmark indices by eight-tenths of a percent on December 3, following positive global cues. The market breadth remained in favour of the bulls, with about 1,850 shares advancing compared to 659 declining shares on the NSE. Overall, the market is likely to remain positive as long as it sustains above all key moving averages. Below are some trading ideas for the near term:
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
EID Parry India | CMP: Rs 896.7
Since November 25, EID Parry had been consolidating within a narrow range of Rs 845–880. In the previous session, the stock broke out of this consolidation with a rise in volume, making a fresh high of Rs 918. On the daily chart, over the past two days, prices have managed to protect the previous day’s low and finally gave a positive breakout.
Currently, prices are trading near the upper end of the Bollinger Bands, so follow-up buying is necessary for the positive momentum to continue. Also, the RSI (Relative Strength Index) is trading at 65, giving prices room to trend further. The current trend for EID Parry has shifted to the positive side. A break above Rs 920 could lift the prices toward Rs 960, followed by Rs 990, as long as Rs 870 holds as support on the downside.
Strategy: Buy
Target: Rs 960, Rs 990
Stop-Loss: Rs 870
Bank of Baroda | CMP: Rs 254.55
In the previous session, the PSU sector outperformed other sectors, with Bank of Baroda gaining more than 3 percent and seeing a significant rise in volume, reflecting fresh buying interest. In the previous week, prices had been consolidating in a narrow range of Rs 245–252, and finally managed to break above this range. Recently, prices found support from the Ichimoku cloud and witnessed a sharp pullback to the upside.
Additionally, the MACD (Moving Average Convergence Divergence) has given a bullish crossover, and a breach above the zero line could suggest the likelihood of a continued uptrend. Thus, the trend for Bank of Baroda is positive, and we can expect it to move toward the Rs 270 level as long as the immediate support at Rs 247 remains intact.
Strategy: Buy
Target: Rs 270
Stop-Loss: Rs 247
EPL | CMP: Rs 285.5
EPL showed a sharp rally in the previous session, gaining 10 percent in a single trading day. The stock finally broke above the consolidation range. On the daily chart, the MACD is above 0, and the MACD line crossed above the MACD signal line, indicating that bullish momentum has increased and may continue in the coming sessions. Thus, the current trend for EPL is bullish. Use dips toward Rs 280–282 as buying opportunities, which could lift prices toward Rs 305–310, as long as Rs 273 remains protected on the downside.
Strategy: Buy
Target: Rs 305, Rs 310
Stop-Loss: Rs 273
Om Mehra, Technical Analyst at Samco Securities
KEC International | CMP: Rs 1,094.4
KEC International is on the verge of a breakout from a Cup and Handle pattern, signaling potential upward momentum. It continues to trade above its 20 DMA (Day Moving Average), while the daily RSI remains strong above 65, indicating sustained bullish momentum. A minor resistance is noted around the Rs 1,100 level, and a breakout above this could trigger a further upside rally. For the mid-term, the Rs 1,070–1,080 range appears to be an ideal accumulation zone, offering a favorable entry point for investors. One can initiate a long position at the current market price (CMP) of Rs 1,094.4.
Strategy: Buy
Target: Rs 1,200
Stop-Loss: Rs 1,040
Tata Power Company | CMP: Rs 428.6
Tata Power Company has formed a solid base around the Rs 415 level after a decent correction. The bullish candle formed above Rs 425 further strengthens the stock's outlook. A bullish divergence in the daily RSI, along with a triple bottom pattern, enhances the positive outlook. The stock is also sustaining above the 20 DMA, with increasing volume supporting the price rise, signaling potential upward momentum in the near term. Hence, based on this technical structure, one can initiate a long position at the CMP.
Strategy: Buy
Target: Rs 465
Stop-Loss: Rs 405
TVS Motor Company | CMP: Rs 2,556.2
TVS Motor stock had been consolidating within a rectangular channel and has recently broken out of the previous resistance at Rs 2,520. The breakout is accompanied by increasing volume, which supports the potential for upward momentum in the near term. Additionally, a double-bottom pattern formation further strengthens the bullish outlook. The stock is also sustaining above the 23.6 percent Fibonacci retracement level placed at Rs 2,510. Hence, based on this technical structure, one can initiate a long position at the CMP.
Strategy: Buy
Target: Rs 2,800
Stop-Loss: Rs 2,430
Riyank Arora, Technical Analyst at Mehta Equities
Elecon Engineering | CMP: Rs 622.80
Elecon Engineering has seen a strong breakout above its resistance mark of Rs 613 and managed to close above it. With the volume nearly 2 times its 30-day average and the RSI showing bullish momentum, the stock looks set for upside targets of Rs 720 and above. The stock has also surpassed its anchor VWAP (Volume Weighted Average Price) resistance mark and is showing strong signs of bullish strength.
Strategy: Buy
Target: Rs 720
Stop-Loss: Rs 585
Divis Laboratories | CMP: Rs 6,210.6
Divis Laboratories has touched its major resistance mark of Rs 6,275 and witnessed some profit booking at higher levels. With the price witnessing a pullback toward its anchor VWAP support mark and immediate major support placed at Rs 5,900, we recommend buying Divis Labs around Rs 6,050–6,100 with a strict stop-loss at Rs 5,900, for a potential upside target of Rs 6,600 and above.
Strategy: Buy
Target: Rs 6,600
Stop-Loss: Rs 5,900
Tata Elxsi | CMP: 7,098.6
Tata Elxsi has witnessed a strong bullish breakout above the trendline resistance mark of Rs 6,975 and successfully managed to close above it. With overall momentum being strong and volumes picking up nicely, the stock looks poised for potential upside targets of Rs 7,800 and above. A bottom base formation is being seen near Rs 6,286, indicating that the stock has made a temporary bottom and should head higher.
Strategy: Buy
Target: Rs 7,800
Stop-Loss: Rs 6,740
IFB Industries | CMP: Rs 1,787.4
IFB Industries has seen a strong breakout on its daily timeframe charts above the resistance mark of Rs 1,755 and managed to close well above it. The price has also crossed its important anchor VWAP support mark, and the stock seems all set for an upside move toward Rs 1,900 and Rs 1,950. The RSI has also picked up nicely from lower levels, indicating further momentum in the stock.
Strategy: Buy
Target: Rs 1,900, Rs 1,950
Stop-Loss: Rs 1,700
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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