The benchmark indices continued to trade higher for the third consecutive session on January 17, with the Nifty 50 rising 0.4 percent. The market breadth was positive, as about 1,891 shares saw buying interest against 620 declining shares on the NSE. The market is expected to consolidate as long as it trades below all key moving averages. Below are some trading ideas for the near term:
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
SRF | CMP: Rs 2,583.8
SRF has retested its breakout from a consolidation zone and moved higher with a surge in buying volumes, indicating strength. The ADX (Average Directional Index) line is trending upward, suggesting that the uptrend has enough strength to support it.
Strategy: Buy
Target: Rs 2,760
Stop-Loss: Rs 2,495
Escorts Kubota | CMP: Rs 3,554.25
Escorts Kubota has broken out of a falling trendline resistance on the daily chart and crossed above its 200 DEMA. The RSI (Relative Strength Index) indicator has turned upward, suggesting bullish momentum.
Strategy: Buy
Target: Rs 3,925
Stop-Loss: Rs 3,440
Biocon | CMP: Rs 393.15
Biocon has broken out of an ascending triangle on the daily chart and is trading near its all-time high levels. Higher-than-average trading volumes were visible, which may support the uptrend. The MACD (Moving Average Convergence Divergence) momentum indicator is rising, confirming the price move.
Strategy: Buy
Target: Rs 422
Stop-Loss: Rs 378
Mandar Bhojane, Equity Research Analyst at Choice Broking
Karur Vysya Bank | CMP: Rs 220.74
Karur Vysya Bank's stock has recently been trading within a parallel range, and a breakout from a falling trendline on the daily chart signals a potential bullish reversal. This breakout is supported by a notable increase in trading volume, adding credibility to the upward move. If the stock manages a sustained close above the Rs 222 level, it could confirm further bullish momentum, with short-term targets set at Rs 252 and Rs 260.
On the downside, immediate support is identified at Rs 215, offering a favourable buying opportunity during pullbacks. The stock's price is taking support and trading above the 20-, 100-, and 200-day moving averages, further reinforcing the positive outlook. Additionally, the Relative Strength Index (RSI) is currently at 50.74 and trending upward, which reflects increasing buying interest and strengthens the bullish case.
Strategy: Buy
Target: Rs 252, Rs 260
Stop-Loss: Rs 206.5
Siemens | CMP: Rs 6,010
Siemens has recently reversed from a major demand zone at Rs 5,770. The price action indicates a bullish reversal with the formation of a bullish candle on the daily chart, accompanied by significant trading volume. Additionally, a bullish divergence in the RSI reinforces the positive sentiment. A close above Rs 6,020 could open the doors to short-term targets of Rs 6,500 and Rs 6,800, signaling strong upward potential.
On the downside, immediate support is established at Rs 5,770, presenting an opportunity to buy on dips. The RSI is currently at 31.94 and trending upward, highlighting increasing buying momentum and the potential for further price recovery. This alignment of technical factors enhances the likelihood of sustained bullish action in the near term.
Strategy: Buy
Target: Rs 6,500, Rs 6,800
Stop-Loss: Rs 5,650
Ganesh Housing Corporation | CMP: Rs 1,313
Ganesh Housing has recently formed a double-bottom pattern and is on the verge of breaking out above its neckline on the daily chart, signaling a potential bullish reversal. This breakout is accompanied by a significant increase in trading volume, indicating strong market participation in the upward move. A sustained close above the Rs 1,340 level could confirm bullish momentum, with short-term targets set at Rs 1,550 and Rs 1,600.
On the downside, immediate support is seen at Rs 1,280, offering an attractive buying opportunity during pullbacks. The stock is currently trading above its 20-, 100-, and 200-day moving averages, underscoring its positive technical structure. The RSI stands at 57.82 and is trending upward, reflecting growing buying interest and further strengthening the bullish outlook.
Strategy: Buy
Target: Rs 1,550, Rs 1,600
Stop-Loss: Rs 1,240
Drumil Vithlani, Technical Research Analyst at Bonanza
Stove Kraft | CMP: Rs 942.80
Stove Kraft has broken out of a rounding bottom pattern on the daily timeframe, signaling accumulation at higher levels. The stock is likely to maintain its bullish trend as long as the low of the breakout candle at Rs 898 remains intact. A notable surge in volume over the past few sessions further validates the strength of the current uptrend. From a moving average perspective, both the 20-day and 50-day EMA have started trending upward, reinforcing the bullish sentiment. Considering the alignment of price action with increased volume, the stock appears poised for further upside, with an immediate target of Rs 1,050.
Strategy: Buy
Target: Rs 1,050
Stop-Loss: Rs 898
Jindal Worldwide | CMP: Rs 420.8
The primary trend in Jindal Worldwide is positive, and buyers have shown aggressive intention to buy the security on dips. The volume increase during the buy days is on the higher side, while the volume during selling is diminishing, suggesting that buyers are interested in purchasing the security on dips. On the daily scale, the stock has formed a ladder-bottom candlestick pattern, signaling a positive outlook. The momentum indicator RSI is now trading in a higher range, indicating an uptrend in the security and supporting the price action.
Strategy: Buy
Target: Rs 460
Stop-Loss: Rs 398
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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