The market attempted to extend the previous day's rally but selling pressure in late trade pulled it down to close marginally lower on October 9. However, the market breadth remained positive due to buying in the broader space, with about 1,708 shares advancing against 802 declining shares on the NSE. Volatility is expected to continue in the market, with support at the current week's low. Below are some trading ideas for the near term:
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas
Cipla | CMP: Rs 1,680.5
Cipla has broken out of a five-week consolidation on the upside. This breakout has been accompanied by above-average volume, and the daily momentum indicator is on the verge of providing a positive crossover on the daily charts, which is a bullish sign. Thus, one can go long on the stock.
Strategy: Buy
Target: Rs 1,785, Rs 1,850
Stop-Loss: Rs 1,630
Tech Mahindra | CMP: Rs 1,658.8
Tech Mahindra has been consolidating in a range for the past five weeks. We expect this consolidation to break out on the upside, as the daily momentum indicator has triggered a positive crossover, signaling a buy opportunity. Therefore, one can go long on the stock.
Strategy: Buy
Target: Rs 1,750, Rs 1,825
Stop-Loss: Rs 1,600
Vidnyan S Sawant, Head of Research at GEPL Capital
Anant Raj | CMP: Rs 738.65
Anant Raj has exhibited a robust price structure on the monthly scale, consistently maintaining its upward trend. After breaking out of the multi-year swing high from 2008 in May 2024, the stock has entered a new phase of outperformance relative to broader indices. On the weekly scale, it has consistently traded above its key moving averages, the 12-week and 26-week EMAs (Exponential Moving Averages). Additionally, the rising momentum indicators reflect price growth supported by strong underlying momentum, signaling sustained bullish potential. Looking ahead, the stock has potential for an upside target of Rs 865, with a recommended stop-loss at Rs 680 on a closing basis to manage risk.
Strategy: Buy
Target: Rs 865
Stop-Loss: Rs 680
CDSL | CMP: Rs 1,471.85
Since breaking out of the Flag pattern in June 2023, Central Depository Services (CDSL) has consistently maintained a formation of higher tops and higher bottoms. In recent price action, the stock has shown a bullish mean reversion from the 12-week EMA, and on the daily scale, it has seen buying interest from a double bottom formation. This suggests that the stock is poised for a faster retracement and is likely to continue its upward trajectory. Looking ahead, the stock shows potential for an upside target of Rs 1,720, with a recommended stop-loss at Rs 1,350 on a closing basis to manage risk.
Strategy: Buy
Target: Rs 1,720
Stop-Loss: Rs 1,350
Mahindra and Mahindra | CMP: Rs 3,153
Since March 2023, Mahindra and Mahindra has shown remarkable resilience in its price action, consistently forming higher tops and higher bottoms. Despite challenging market conditions, the stock has maintained stability within a well-defined range, underscoring its strength and relative performance. Notably, trading volume has surged above the 21-week average, signaling increased investor interest. On the daily scale, the stock has exhibited a polarity shift from the consolidation zone established in June 2024. Looking ahead, the stock shows potential for an upside target of Rs 3,627, with a recommended stop-loss at Rs 2,960 on a closing basis to manage risk.
Strategy: Buy
Target: Rs 3,627
Stop-Loss: Rs 2,960
Hindalco Industries | CMP: Rs 727.55
Hindalco has exhibited a pattern of higher tops and higher bottoms since 2022, consistently holding its position above the 26-week EMA, indicating a healthy upward trend. A positive structural development was first observed in August 2024 when the stock experienced a polarity shift from the March 2022 swing high. In recent price action, another polarity change has been witnessed from the June 2024 swing high, suggesting that the stock is likely to experience strong price growth. Looking ahead, there is potential for further upside, with a target of Rs 845. To manage risk effectively, it's advisable to set a stop-loss at Rs 685 on a closing basis.
Strategy: Buy
Target: Rs 845
Stop-Loss: Rs 685
Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities
ADF Foods | CMP: Rs 318
ADF Foods has maintained its bull run for a long time, with prices rising within a channel through the formation of higher highs and higher lows. This week, a fresh breakout has been observed, as the stock marked its all-time high of Rs 324.50. The price-volume action, accompanied by a rectangle pattern breakout, suggests further upside potential. Therefore, one can accumulate the stock on dips to the Rs 310 level, expecting an upside to Rs 350-355, with a downside support zone of Rs 305-300.
Strategy: Buy
Target: Rs 350, Rs 355
Stop-Loss: Rs 270
Exide Industries | CMP: Rs 519
After marking its all-time high of Rs 620.35 in June, Exide experienced a series of profit bookings and retraced back toward its 200-day EMA on daily charts. Technically, the stock formed a double bottom and has once again caught renewed bullish momentum. This week, a fresh breakout has been observed above the key resistance level of Rs 510, accompanied by long build-up and rising volumes. Therefore, one can accumulate the stock in the range of Rs 510-520, expecting an upside to Rs 585-590, with a downside support zone of Rs 495-500.
Strategy: Buy
Target: Rs 575, Rs 580
Stop-Loss: Rs 470
EIH | CMP: Rs 407.4
Since the last two months, EIH has been consolidating in the range of Rs 360-390, with rangebound moves at its 200-day EMA keeping the stock in a consolidation phase. This week, fresh momentum has been witnessed, as the stock has given a breakout above the Inverted Head & Shoulders pattern on short-term charts. On broader charts, a fresh upward move has been observed above the falling trendline of a downward-sloping channel. Therefore, one can accumulate the stock in the range of Rs 400-405, expecting an upside to Rs 455-460, with a downside support zone of Rs 385-390.
Strategy: Buy
Target: Rs 455, Rs 460
Stop-Loss: Rs 370
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol 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!
