The equity benchmark indices closed in the red for the first time in the last eight consecutive sessions on account of profit booking, with the Nifty declining by 0.3 percent on April 24. The market breadth was slightly in favour of the bears, as about 1,331 shares were under pressure compared to 1,210 shares advancing on the NSE. The key indices are likely to consolidate and remain range-bound in the upcoming sessions. Below are some trading ideas for the near term:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Divis Laboratories | CMP: Rs 6,215.5
Divis Laboratories is on the verge of a breakout, indicating a bullish trend. Increasing trading volume, along with the formation of higher highs and higher lows, further confirms the uptrend. Immediate support is found near the Rs 6,000 level, which could be considered a buying opportunity on dips.
The RSI (Relative Strength Index) is at 66 and trending upwards, reflecting strengthening bullish momentum. These indicators suggest that the stock is poised for a rally. To manage risk, traders should set a stop-loss at Rs 5,800. If the momentum sustains, short-term targets of Rs 7,070 and Rs 7,200 could be achievable.
Strategy: Buy
Target: Rs 7,070, Rs 7,200
Stop-Loss: Rs 5,800
Godrej Agrovet | CMP: Rs 795.3
Godrej Agrovet has been consolidating within a range. The stock is on the verge of a breakout from its daily range, with rising trading volume signaling a strong uptrend in the short term. If the price manages to close above Rs 800, it will further strengthen the bullish momentum.
The RSI is at 58.15, indicating positive momentum with room for further upside. On the downside, immediate support is at Rs 765, offering a potential buying opportunity on dips. To manage risk, a stop-loss at Rs 740 is recommended. If the momentum sustains, short-term targets of Rs 900 and Rs 950 could be achievable.
Strategy: Buy
Target: Rs 900, Rs 950
Stop-Loss: Rs 740
APL Apollo Tubes | CMP: Rs 1,629.9
APL Apollo Tubes has recently broken out of a descending triangle pattern with strong volume on the weekly chart, indicating a potential trend reversal. The stock is on the verge of breaking out, signaling strong bullish momentum in both the short and long term. A decisive close above Rs 1,650 will reinforce the uptrend, paving the way for further gains.
The RSI at 57.82 suggests positive momentum with room for upside movement. On the downside, immediate support is placed at Rs 1,560, which could act as a buying zone on dips. A prudent stop-loss at Rs 1,480 is recommended to manage risk. If the momentum sustains, short-term and long-term targets of Rs 2,000 and Rs 2,100 could be achieved. Traders should closely monitor price action and volume to confirm the breakout.
Strategy: Buy
Target: Rs 2,000, Rs 2,100
Stop-Loss: Rs 1,480
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
UPL | CMP: Rs 684.2
UPL has given a range breakout on the daily chart. It is respecting its 50 DEMA, with slight dips being bought into. The RSI indicator is rising, supporting the up move.
Strategy: Buy
Target: Rs 730
Stop-Loss: Rs 662
UltraTech Cement | CMP: Rs 12,159
UltraTech Cement has breached its consolidation zone with a Marubozu-like candlestick on the daily scale. The ADX (Average Directional Index) line is rising, confirming the strength of the uptrend.
Strategy: Buy
Target: Rs 12,825
Stop-Loss: Rs 11,870
Om Mehra, Technical Research Analyst at Samco Securities
GMR Airports | CMP: Rs 89
GMR Airports has extended its bullish structure with a strong follow-through move after breaking out above the Rs 87 level, which now acts as immediate support. The stock continues to form a rising sequence of higher highs and higher lows, indicating sustained strength. The breakout is supported by rising volumes, suggesting active participation in the uptrend.
Price action remains well above key short- and medium-term moving averages, affirming a strong trend. Additionally, the MACD (Moving Average Convergence Divergence) remains in positive territory, with no signs of divergence yet, reinforcing the bullish momentum.
Strategy: Buy
Target: Rs 98
Stop-Loss: Rs 85.50
Jubilant Pharmova | CMP: Rs 952.65
Jubilant Pharmova has witnessed a strong breakout above the consolidation range, clearing a crucial horizontal resistance near Rs 940 with a bullish candle. This move is supported by a noticeable rise in volume, reflecting increased participation and fresh buying interest. The stock has also reclaimed its 20-day moving average, which adds further conviction to the emerging uptrend.
The price breakout comes after a prolonged phase of sideways movement, suggesting a base formation and potential for sustained upside. The RSI has turned decisively upward and is now above the 58 mark, signaling a pickup in positive momentum. The stock is now trading above recent supply zones, and the structure remains favourable for a near-term rally.
Strategy: Buy
Target: Rs 1,020
Stop-Loss: Rs 920
Ceat | CMP: Rs 3,093.5
Ceat has extended its upward trajectory, forming a strong bullish candle and continuing its sequence of higher highs and higher lows. The stock has reclaimed momentum above its 9- and 20-day moving averages, which are now curving upward, indicating trend acceleration. After a brief consolidation near Rs 3,000, the breakout above this level with improved price action confirms bullish intent.
The RSI stands firm above the 67 mark, suggesting sustained strength with no signs of immediate exhaustion. The Average True Range (ATR) remains stable, reflecting that the current price expansion is healthy and controlled. The volume remains moderate but consistent with the prevailing uptrend, indicating steady accumulation.
Strategy: Buy
Target: Rs 3,280
Stop-Loss: Rs 2,975
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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