The benchmark indices fell more than 1 percent on May 20 due to profit booking, following a couple of days of consolidation, with market breadth weakening. A total of 1,893 shares saw selling pressure compared to 710 shares that advanced on the NSE. The market is likely to continue trading in a range within last Thursday’s high and low. Below are some short-term trading ideas to consider:
Amol Athawale, VP-technical Research at Kotak Securities
Steel Authority of India | CMP: Rs 122.52
After a remarkable upward move, SAIL has been consolidating over the last few sessions. The current consolidation structure suggests a bullish continuation chart pattern. Moreover, the stock has comfortably closed above its short-term moving average. Therefore, the stock is likely to resume its uptrend from current levels. For the next few trading sessions, Rs 118 could act as the trend-decider level for the bulls. If the stock sustains above this level, we can expect further upside towards Rs 131.
Strategy: Buy
Target: Rs 131
Stop-Loss: Rs 118
ICICI Prudential Life Insurance Company | CMP: Rs 613
ICICI Prudential has shown a robust rally from lower levels in recent sessions. It is also consistently trading in an ascending triangle chart formation. This overall setup indicates a likely breakout and a new leg of uptrend from current levels. For positional traders, Rs 585 would be the decisive level. Trading above this level, the uptrend is expected to continue towards Rs 660. However, if the stock closes below Rs 585, traders may prefer to exit long positions.
Strategy: Buy
Target: Rs 660
Stop-Loss: Rs 585
Oberoi Realty | CMP: Rs 1,699.20
Following its recent downtrend, Oberoi Realty has reversed from an important support zone. The stock has formed a rounding bottom pattern on the weekly chart and is in a steady uptrend. Technical indicators like MACD (Moving Average Convergence Divergence) are also pointing to further upward movement, which could boost bullish momentum in the near term. As long as the stock trades above Rs 1,640, the bullish structure is likely to remain intact. A move above this level could take the stock up to Rs 1,820.
Strategy: Buy
Target: Rs 1,820
Stop-Loss: Rs 1,640
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
CCL Products | CMP: Rs 830.7
Following a strong Q4 earnings report, CCL Products witnessed a significant rally. In the previous session—despite a broader market decline—the stock gained over 9% with substantial volume, indicating increased bullish sentiment. Moreover, prices closed above the prior day’s high after seven sessions, a positive sign.
The stock is currently trading near a critical resistance level of Rs 855. A decisive break above this could lead to a trending move toward fresh highs. Since May 6, prices have consistently stayed near the upper Bollinger Bands, indicating trend strength. The current trend favours the bulls. Use dips as buying opportunities, targeting Rs 865, followed by Rs 895, with Rs 795 as the nearest support level.
Strategy: Buy
Targets: Rs 865, Rs 895
Stop-Loss: Rs 795
Chennai Petroleum Corporation | CMP: Rs 675
Over the past seven sessions, Chennai Petroleum has consistently protected its prior day’s low on a closing basis, keeping the daily bias tilted towards the bulls. At the start of May, the price found support at the Ichimoku cloud’s base line (red line) and reversed sharply—over 19%—suggesting growing bullish control.
The MACD has given a bullish crossover, reinforcing the positive outlook. In the previous session, the stock closed above its earlier swing high of Rs 664. Follow-up buying is now required to sustain momentum. A break above Rs 685 could trigger a move towards Rs 705, followed by Rs 735, with Rs 664 as the nearest support.
Strategy: Buy
Target: Rs 705, Rs 735
Stop-Loss: Rs 664
SRM Contractors | CMP: Rs 422.8
In the last session, SRM Contractors closed on a strong note, gaining 14.50%, despite overall market weakness, with volume surge confirming bullish sentiment. The stock has formed a rounding bottom pattern, and a daily close above Rs 430 will confirm a breakout. On the daily chart, the 15 EMA has already crossed above the 30 EMA, signaling a short-term bullish bias. After a sharp rally, buy-on-dips is the recommended approach. The trend remains bullish. Use dips towards Rs 415–420 as buying opportunities for a target of Rs 450, as long as Rs 400 holds on the downside.
Strategy: Buy
Target: Rs 450
Stop-Loss: Rs 400
Nandish Shah, Senior Technical and Derivative Analyst at HDFC Securities
Power Mech Projects | CMP: Rs 2,887
Power Mech Projects has broken out on the daily chart from a downward sloping trendline drawn from the highs of August 23, 2024, and April 22, 2025. During the recent correction, the price found support at the 200-week EMA and bounced back. Momentum indicators like MFI and RSI are sloping upwards and are placed above 60 on the daily chart, signaling strength in the ongoing bullish trend.
Strategy: Buy
Target: Rs 3,200, Rs 3,350
Stop-Loss: Rs 2,620
JK Lakshmi Cement | CMP: Rs 873.35
JK Lakshmi Cement has broken out from a downward sloping trendline on the daily chart with higher volumes. The primary trend is positive, as the stock is trading above its 100- and 200-day EMAs. On the monthly chart, it continues to form a bullish higher top–higher bottom pattern. Momentum indicators and oscillators are confirming strength in the uptrend.
Strategy: Buy
Target: Rs 930, Rs 975
Stop-Loss: Rs 830
City Union Bank | CMP: Rs 193.48
City Union Bank has broken out from a symmetrical triangle pattern on the weekly chart. The stock is currently trading near its 52-week and all-time highs, and is above all major moving averages. The weekly RSI is above 50, supporting a sustainable uptrend, while the MACD is above the equilibrium and signal line. The stock is also forming higher tops and higher bottoms on the daily chart, indicating continued bullish momentum.
Strategy: Buy
Target: Rs 209, Rs 220
Stop-Loss: Rs 180
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
