Trade Spotlight: How should you trade Chennai Petroleum Corporation, Coal India, Bharti Airtel, Aurobindo Pharma, and others on March 23?

Top Trading Ideas for March 23

• Experts suggest top five trading ideas for March 23 including Chennai Petroleum Corporation, Coal India, Bharti Airtel, Aurobindo Pharma

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Equity benchmarks rebounded on March 20, with the Nifty 50 rising half a percent following a more than 3 percent correction in the previous session. Market breadth turned positive, with 1,721 shares advancing against 1,258 declining shares on the NSE. Despite this bounce back, the market is likely to be dominated by bears, with the previous week's low at risk. Below are some short-term trading ideas to consider:

Rajesh Palviya, Senior Vice President Research (Head of Research) at Axis Securities

Chennai Petroleum Corporation | CMP: Rs 1,064.75

On the daily chart, Chennai Petroleum Corporation is trending higher, forming a series of higher tops and higher bottoms, indicating a sustained strong uptrend. On the weekly chart, the stock is on the verge of a "multiple resistance breakout" at the Rs 1,090–1,100 levels; therefore, any sustained move above this range may trigger fresh upside momentum.

The stock is well placed above its 20-, 50-, 100- and 200-day simple moving averages (SMAs). These rising averages reconfirm bullish sentiment. Rising volumes over the past four weeks signify increased participation. The daily, weekly, and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.

Strategy: Buy

Target: Rs 1,150, Rs 1,230

Stop-Loss: Rs 1,010

Coal India | CMP: Rs 468.15

On the weekly chart, Coal India is firmly sustaining above the multiple resistance zone of Rs 440 on a closing basis, accompanied by rising volumes. The rising volumes over the past three weeks signal increased participation. The stock is well placed above its 20-, 50-, 100- and 200-day simple moving averages (SMAs). These rising averages reconfirm bullish sentiment. Rising volumes over the past four weeks further signify increased participation.

The daily, weekly, and monthly RSI is in favourable territory, indicating rising strength across all time frames. The weekly Bollinger Band buy signals indicate increased momentum.

Strategy: Buy

Target: Rs 490, Rs 515

Stop-Loss: Rs 445

Hindalco Industries | CMP: Rs 874.25

On the daily and weekly charts, Hindalco Industries has witnessed a short-term trend reversal, forming lower tops and lower bottoms. Currently, the stock has found support from an upward-sloping trendline at the Rs 909 level on a closing basis. Additionally, a 20- and 50-day SMA bearish crossover signifies a negative bias. The stock is also sustaining below these averages, which reconfirms the downtrend. The daily and weekly strength indicator RSI is in negative territory, supporting a bearish bias.

Traders should consider this an exit or selling opportunity, with expected downside between Rs 850–820 and upside resistance at the Rs 900–920 levels.

Strategy: Sell

Target: Rs 850, Rs 820

Stop-Loss: Rs 900

Rajesh Bhosale, Technical Analyst at Angel One

Bharti Airtel | CMP: Rs 1,846.1

Bharti Airtel has been in a strong uptrend over the past couple of years; however, in recent months, it has undergone a corrective phase in line with broader market weakness. It has now approached a key support zone and has shown relative strength this week, hinting at a potential resumption of the primary uptrend.

Prices are currently positioned around the 89-week EMA, which aligns with previous breakout levels near Rs 1,780, along with a PRZ (Price Reversal Zone) derived from a bullish AB=CD pattern. Additionally, a tweezer bottom formation at this support further reinforces the possibility of a reversal. Overall, the setup indicates a favourable risk-reward opportunity at current levels. Hence, we recommend buying Bharti Airtel in the range of Rs 1,846–1,840.

Strategy: Buy

Target: Rs 1,950

Stop-Loss: Rs 1,796

Aurobindo Pharma | CMP: Rs 1,291.4

On Friday, the pharma space remained in strong focus, outperforming amid broader market weakness. Aurobindo Pharma also exhibited outperformance and continues to trade in a higher top–higher bottom formation, with every dip towards the 20-day EMA being consistently bought.

On the weekly chart, the stock has already confirmed a breakout from a year-long consolidation and is currently trading around its breakout zone. This suggests that the outperformance is likely to continue, supported by the RSI, which indicates a strong bullish range shift. Hence, we recommend buying Aurobindo Pharma around Rs 1,290–1,280.

Strategy: Buy

Target: Rs 1,400

Stop-Loss: Rs 1,240