The benchmark Nifty 50 snapped a 14-day winning streak and ended the session 81 points lower on September 4, though it found support at the 10-day EMA. Of the shares on the NSE, 1,116 advanced while 1,312 declined. The index may rebound after this minor correction, although consolidation appears to be ongoing. Below are some trading ideas for the near term:
Vidnyan S Sawant, Head of Research at GEPL Capital
Hindustan Petroleum Corporation | CMP: Rs 445.1
Since breaking out of a Cup and Handle pattern on the monthly scale in December 2023, HPCL has maintained its upward trend. On the weekly scale, it recently broke out of a six-month congestion zone and has continued to form higher highs and higher lows, indicating a sustained upward trajectory. Momentum indicators, such as the MACD (Moving Average Convergence Divergence), are in buy mode on both the weekly and daily scales. Additionally, the ratio chart of HPCL against the Nifty has shown a breakout from a double bottom formation, suggesting robust performance ahead. Looking forward, the stock has potential upside with a target of Rs 520, while a stop-loss at Rs 409 on a closing basis is recommended for effective risk management.
Strategy: Buy
Target: Rs 520
Stop-Loss: Rs 409
Deepak Nitrite | CMP: Rs 2,988.7
On the monthly scale, Deepak Nitrite displayed a strong price structure from 2019 to 2021, followed by a healthy consolidation phase lasting 2.5 years. In July 2024, the stock broke out of this consolidation zone, suggesting a likely continuation of its upward momentum. On the weekly scale, the stock formed a bottom near the 12-week EMA (Exponential Moving Average), while the daily chart shows a breakout from a falling channel, indicating a bullish alignment across multiple timeframes. The MACD study reveals a higher bottom pattern, signaling that momentum is gaining strength. Looking ahead, the stock has potential upside with a target of Rs 3,432, while a stop-loss at Rs 2,745 on a closing basis is recommended for effective risk management.
Strategy: Buy
Target: Rs 3,432
Stop-Loss: Rs 2,745
Piramal Pharma | CMP: Rs 213
Piramal Pharma's chart structure looks compelling, as the stock recently broke out above its listing day high, signaling its readiness to enter new territory. On the weekly scale, after the breakout, the stock entered a tight consolidation phase. This week, it broke out of that zone with strong volume participation. The stock is well-positioned above its 12-week and 26-week EMAs, indicating a positive trend, while the MACD study shows waves in positive territory, confirming that bullish momentum remains intact. Looking ahead, the stock appears poised for further gains, with a target of Rs 260. To manage risks effectively, a stop-loss at Rs 194 on a closing basis is recommended.
Strategy: Buy
Target: Rs 260
Stop-Loss: Rs 194
Caplin Point Laboratories | CMP: Rs 1,967
Caplin Point Laboratories exhibits a strong price structure on the monthly scale, with a higher top and higher bottom formation. A similar pattern is observed on the weekly scale, where recent volume activity has surged above the 20-week average, indicating significant participation in the rising price. The MACD momentum indicator is also in buy mode, moving higher in positive territory. Looking ahead, the stock has potential for further upside, with a target of Rs 2,360. To manage risks effectively, a stop-loss at Rs 1,809 on a closing basis is recommended.
Strategy: Buy
Target: Rs 2,360
Stop-Loss: Rs 1,809
Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Sharekhan
Avenue Supermarts | CMP: Rs 5,100.9
Avenue Supermarts (DMart) has formed a Symmetrical Triangle pattern on the daily charts. We expect this consolidation to break out on the upside. The daily momentum indicator has started a new cycle from the equilibrium line, suggesting that the stock is poised for a sharp run-up over the next few trading sessions. We anticipate the stock to target levels of Rs 5,300 – 5,500. A stop-loss of Rs 4,950 should be maintained for long positions.
Strategy: Buy
Target: Rs 5,300, Rs 5,500
Stop-Loss: Rs 4,950
Apollo Tyres | CMP: Rs 508.7
Apollo Tyres has completed a five-wave decline on the daily charts and is currently in the process of retracing that fall. The daily momentum indicator has shown a positive crossover, which is a buy signal. We expect the stock to retrace the decline and target levels of Rs 533 – 548 in the short term. A stop-loss of Rs 497 should be maintained for long positions.
Strategy: Buy
Target: Rs 533, Rs 548
Stop-Loss: Rs 497
Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities
Prism Johnson | CMP: Rs 182.3
Over the past few weeks, Prism Johnson has been trading within a broader range of Rs 155 to Rs 175, with prices fluctuating around its 200-day EMA on daily charts. At this juncture, the stock has given a fresh breakout after a prolonged consolidation phase. The price action is accompanied by increased volumes, suggesting potential upside. Therefore, one can buy, hold, or accumulate the stock with an expected upside target of Rs 210–215, and a downside support zone of Rs 175–170.
Strategy: Buy
Target: Rs 210, Rs 215
Stop-Loss: Rs 160
Indoco Remedies | CMP: Rs 374.6
After hitting a 52-week low of Rs 286.60, Indoco Remedies has experienced a steady recovery, with prices rising from Rs 286 to Rs 360 over the past few months, forming a pattern of higher highs and higher lows on the daily chart. Currently, the stock has given a fresh breakout above a symmetrical triangle pattern on short-term charts, while a trendline breakout has been observed on broader charts. Therefore, one can buy, hold, or accumulate the stock with an expected upside of Rs 425–430, and a downside support zone of Rs 365–360.
Strategy: Buy
Target: Rs 425, Rs 430
Stop-Loss; Rs 340
Asahi India Glass | CMP: Rs 678.3
Asahi India Glass experienced a significant decline recently, dropping from Rs 720 to Rs 600 as part of a corrective phase. However, it found support around its 200-day EMA on the daily time frame and has since bounced back. The stock has been trading in a pattern of higher lows, indicating a potential reversal and continuation of its previous trend, as it has also broken out above a symmetrical triangle pattern. Therefore, one can buy, hold, or accumulate the stock with an expected upside of Rs 790–795, and a downside support zone of Rs 670–660.
Strategy: Buy
Target: Rs Rs 790, Rs 795
Stop-Loss: Rs 610
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.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
