The Nifty 50 index wiped out the previous day's gains, closing 83 points lower on May 30 amid volatility and rangebound trading. The market showed a weak breadth, with 1,446 shares under pressure compared to 1,130 shares that advanced on the NSE. The market is expected to trade with a positive bias, albeit within a likely rangebound zone. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Gujarat Pipavav Port | CMP: Rs 156.15
On the daily time frame, Gujarat Pipavav Port has confirmed a short-term trend reversal, forming a series of higher tops and bottoms. Additionally, the stock has surpassed the past five months' multiple resistance zones on a closing basis, signaling a strong comeback for the bulls. This breakout is accompanied by high volumes, signifying increased participation.
The stock is well-positioned above its 20-day, 50-day, and 100-day Simple Moving Averages (SMAs), and these averages are also rising in tandem with the price action, reinforcing bullish sentiments. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 175-189, and its downside support zone is the Rs 150-142 levels.
Strategy: Buy
Target: Rs 175, Rs 189
Stop-Loss: Rs 150
Central Depository Services (CDSL) | CMP: Rs 1,529.7
CDSL is positioned above its Inverse Head & Shoulders pattern, indicating bullish sentiments. The stock is trending higher, forming a series of higher tops and bottoms. It is also well above its 20-day, 50-day, 100-day, and 200-day Simple Moving Averages (SMAs), which are all rising along with the price, confirming bullish momentum. The daily and weekly RSI strength indicators show rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,650-1,755, and its downside support zone is the Rs 1,480-1,430 levels.
Strategy: Buy
Target: Rs 1,650, Rs 1,755
Stop-Loss: Rs 1,480
Manappuram Finance | CMP: Rs 238.66
Manappuram Finance is in a strong uptrend across all timeframes, forming a series of higher tops and bottoms. The stock has decisively surpassed the critical resistance zone at Rs 236, along with a surge in volumes, indicating strong participation. This buying support has been observed around the 20-day and 50-day SMAs, which remain crucial support zones.
The daily "Bollinger Bands" buy signal indicates increased momentum, and both the daily and weekly RSI indicators suggest that buying could occur at current levels. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 255-265, and its downside support zone is the Rs 233-227 levels.
Strategy: Buy
Target: Rs 255, Rs 265
Stop-Loss: Rs 233
Rajesh Bhosale, Technical Analyst at Ange One
HDFC Life Insurance Company | CMP: Rs 776.85
HDFC Life has been in a consolidation phase for the past four years, with the Rs 750–760 zone acting as strong resistance on two prior occasions. This key hurdle has now been decisively breached, confirming a long-term breakout. Volume analysis supports the move, as strong buying interest is evident during upswings, while downswings are accompanied by lower volumes, indicating underlying strength.
Recently, prices have been trending steadily higher, with dips consistently finding support near the 20-day Exponential Moving Average (DEMA). This suggests that buying interest remains intact, and we expect the positive momentum to continue. We recommend buying HDFC Life Insurance around Rs 777 - 770.
Strategy: Buy
Target: Rs 830
Stop-Loss: Rs 751
Wockhardt | CMP: Rs 1,465.3
After forming a base near the 200-day SMA, Wockhardt witnessed a sharp rebound and recently broke out of a symmetrical triangle pattern. This breakout is backed by a significant surge in volume, confirming a price–volume breakout. The stock has closed above all key moving averages, reinforcing the bullish sentiment. Additionally, the RSI has crossed above 60, signaling strengthening positive momentum. We recommend buying Wockhardt around Rs 1,465 - Rs 1,460.
Strategy: Buy
Target: Rs 1,600
Stop-Loss: Rs 1,390
Anshul Jain, Head of Research at Lakshmishree Investments
Deepak Fertilisers and Petrochemicals Corporation | CMP: Rs 1,483.7
Deepak Fertilisers has broken out of both a 104-week and a 28-week base-on-base pattern, with rising volumes confirming the breakout at Rs 1,430. Both daily and weekly moving averages are closely aligned with the price, serving as strong propellers for the ongoing uptrend. The stock is now targeting an upside of Rs 1,700. Recently, monsoon-related stocks have attracted fresh buying interest, with Deepak Fertilisers emerging as a clear leader within this segment, supported by strong accumulation.
Strategy: Buy
Target: Rs 1,700
Stop-Loss: Rs 1,400
Sundaram Finance | CMP: Rs 5,136.5
Sundaram Finance is on the verge of a bullish breakout from a 35-week-long Cup and Handle pattern. The volume profile is ideal, with low volumes during down weeks and strong volumes during up weeks, indicating institutional accumulation. The stock is currently resting on its weekly moving averages, which are well-positioned to act as a launchpad for the breakout. A successful breakout could lead to a 20 percent upside extension from the breakout point.
Strategy: Buy
Target: Rs 5,935
Stop-Loss: Rs 5,000
GlaxoSmithKline Pharmaceuticals | CMP: Rs 3,298.6
GlaxoSmithKline Pharmaceuticals has broken out of a 39-week-long bullish Cup and Handle pattern on the weekly charts. Volumes surged during the bottom formation and the rally towards the neckline, while healthy volume contraction was seen during the handle formation — a classic sign of accumulation. The breakout above Rs 3,100 confirms bullish momentum, and the stock is now poised to move towards its breakout target of Rs 3,800, supported by strong price structure and institutional participation.
Strategy: Buy
Target: Rs 3,800
Stop-Loss: Rs 3,200
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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