The market cut down losses due to buying interest in the second half and finished the session 27 points lower on March 12. The market breadth has consistently been favouring bears, which is negative. About 1,736 shares were under pressure, compared to 885 shares that gained on the NSE. The benchmark indices are likely to be rangebound in the upcoming sessions. Below are some trading ideas for the near term:
Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Mirae Asset Sharekhan
Crompton Greaves Consumer Electrical | CMP: Rs 357.85
Crompton Greaves Consumer Electricals has broken out of a four-day consolidation on the daily charts. In terms of price patterns, the stock has broken out of a Bullish Flag pattern, accompanied by above-average volume. The daily momentum indicator has a positive crossover, which is a buy signal. We expect the stock to witness a sharp upmove towards Rs 374 (40-week average) and, above that, potentially towards Rs 400 from a short-term perspective.
Strategy: Buy
Target: Rs 374, Rs 400
Stop-Loss: Rs 347
Tata Motors | CMP: Rs 668.3
Tata Motors has witnessed a trend reversal on daily charts. It has broken out of a sideways consolidation on the upside with above-average volume, suggesting that the breakout is sustainable. The stock has closed above the 20-day moving average (Rs 659), which suggests a price crossover. The daily momentum indicator has a positive crossover, which is a buy signal. We expect the stock to rise towards Rs 743 (20-week moving average) from a short-term perspective.
Strategy: Buy
Target: Rs 743
Stop-Loss: Rs 655
Laurus Labs | CMP: Rs 584.35
Laurus Labs was consolidating after a sharp run-up. In the penultimate session, it formed an Bullish Engulfing candlestick pattern at the 20-day moving average support (Rs 556) and has also witnessed follow-through buying interest, which suggests that the upmove is likely to continue. The positive crossover on the momentum indicator supports our bullish outlook on the stock. We expect the stock to target levels of Rs 646 from a short-term perspective.
Strategy: Buy
Target: Rs 640
Stop-Loss: Rs 565
Sudeep Shah, Deputy Vice President and Head of Technical and Derivative Research at SBI Securities
Kotak Mahindra Bank | CMP: Rs 1,982.55
Kotak Mahindra Bank has been displaying strong relative outperformance against frontline indices over the past few trading sessions. Notably, the stock’s ratio chart against Nifty has given a decisive consolidation breakout, highlighting its growing relative strength. Additionally, Mansfield’s Relative Strength indicator (RSI) has been holding above the zero line since the last week of December, signaling sustained leadership.
On Wednesday, the stock broke out of a consolidation phase on the daily chart, accompanied by a sharp rise in volume, confirming the breakout’s credibility. With the stock trading at a 52-week high, all key moving averages and momentum-based indicators align in favour of continued bullish momentum, reinforcing the strength of the ongoing uptrend. Hence, we recommend accumulating the stock in the zone of Rs 1,990-1,970 with a stop-loss of Rs 1,920. On the upside, it is likely to test the level of Rs 2,120 in the short term.
Strategy: Buy
Target: Rs 2,120
Stop-Loss: Rs 1,920
Gabriel India | CMP: Rs 532.55
Gabriel India has given a downward-sloping trendline breakout on a daily scale. This breakout is confirmed by robust volume. In addition, it has formed a sizeable bullish candle on the breakout day, which adds strength to the breakout. Currently, the stock is trading above its short- and long-term moving averages. These averages are in the desired sequence and are in rising mode, which suggests the trend is strong.
The daily RSI is in bullish territory and is on an upward trajectory. Additionally, the daily MACD (Moving Average Convergence Divergence) stays bullish as it is quoting above its zero line and signal line. The MACD histogram suggests a pickup in upside momentum, further supporting the stock’s positive outlook. Hence, we recommend accumulating the stock in the zone of Rs 535-530 with a stop-loss of Rs 510. On the upside, it is likely to test the level of Rs 575 in the short term.
Strategy: Buy
Target: Rs 575
Stop-Loss: Rs 510
SRF | CMP: Rs 2,958.6
SRF is on the verge of giving a Stage-2 Cup pattern breakout on the daily chart, signaling a potential bullish continuation. Over the past three trading sessions, the stock has formed candles with long lower shadows, reflecting strong buying interest at every dip. Structurally, the major trend remains bullish, characterized by a consistent sequence of higher highs and higher lows. Additionally, the stock is trading comfortably above both its short- and long-term moving averages, reinforcing its upward momentum.
The daily RSI is firmly positioned in bullish territory and continues to rise, further supporting the positive outlook. Notably, the stock has been strongly outperforming the frontline indices in the last couple of trading sessions, highlighting its relative strength. Moreover, the ratio chart has already broken out from a consolidation phase and is trending higher, adding to the stock’s technical conviction. Hence, we recommend accumulating the stock in the zone of Rs 2,960-2,940 with a stop-loss of Rs 2,860. On the upside, it is likely to test the level of Rs 3,160 in the short term.
Strategy: Buy
Target: Rs 3,160
Stop-Loss: Rs 2,860
Vidnyan S Sawant, Head of Research at GEPL Capital
ITD Cementation India | CMP: Rs 554.55
ITD Cementation continues its upward trajectory, consistently forming higher bottoms and maintaining support above its key 12-month and 26-month EMAs, reinforcing its long-term bullish trend. On the weekly scale, the stock recently witnessed a breakout from a 17-week consolidation zone, indicating a likelihood of continuing its upward trajectory. The RSI momentum indicator, currently at 56 and inching toward 60, suggests improving momentum.
Strategy: Buy
Target: Rs 642
Stop-Loss: Rs 524
Voltas | CMP: Rs 1,445.45
Voltas remains in an uptrend, forming higher bottoms on the monthly scale while finding strong support at the 26-month EMA. On the weekly scale, the stock has seen buying interest from the 61.8% Fibonacci retracement level of its prior uptrend (Rs 717–Rs 1,944), which coincides with the polarity zone of the prior swing tops of 2021 and 2022. Additionally, the RSI study has witnessed a bullish crossover on the weekly scale, indicating improving momentum.
Strategy: Buy
Target: Rs 1,678
Stop-Loss: Rs 1,369
Asian Paints | CMP: Rs 2,251.3
Asian Paints is holding support at the March 2021 swing low, attracting buying interest near the 61.8% Fibonacci retracement. The RSI has recovered from oversold levels and crossed above the 9-period average on the weekly scale, while a stochastic bullish crossover signals a momentum shift. Early signs of recovery are also visible on the daily chart.
Strategy: Buy
Target: Rs 2,565
Stop-Loss: Rs 2,115
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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