The benchmark Nifty 50 recorded a fresh closing high on July 26, forming a long bullish candlestick pattern on the daily charts, which may signal the beginning of a new leg of upmove. About 1,593 shares advanced, against 756 declining shares on the NSE. If the index sustains above 24,800, then 25,000 is the level to watch; below this level, 24,600 is likely to be immediate support. Here are some trading ideas for the near term:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Info Edge (Naukri) | CMP: Rs 7,187.4
Info Edge is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, indicating a positive bias. It has confirmed the "Rounding Bottom" breakout on a weekly line chart, indicating a positive bias. On the daily chart, the stock has witnessed a three-week consolidation range breakout at Rs 7,095 levels on a closing basis. This breakout is accompanied by huge volumes, indicating increased participation. The stock has recaptured its 20-day SMA (Simple Moving Average Rs 6,793) and rebounded sharply, indicating bullish sentiments. The daily "Bollinger Band" buy signals show increased momentum. The daily, weekly, and monthly strength indicator RSI (Relative Strength Index) is in positive terrain, which justifies rising strength across all time frames. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 7,600, Rs 7,885
Stop-Loss: Rs 7,030, Rs 6,800
Mahanagar Gas | CMP: Rs 1,846
Mahanagar Gas is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, indicating a positive bias. It has also confirmed a "Pennant" continuation pattern, indicating bullish sentiments. Huge rising volumes at breakout zones signify increased participation. The stock is placed above its 20, 50, 100, and 200-day SMAs, and these averages are also inching up along with the price rise, which reaffirms the bullish trend. The daily, weekly, and monthly strength indicator RSI is in positive terrain, which justifies rising strength across all time frames. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 1,980, Rs 2,100
Stop-Loss: Rs 1,770, Rs 1,660
Snowman Logistics | CMP: Rs 85.33
Since November 2023, Snowman Logistics has been consolidating within a broad range (Rs 83-55), representing strong accumulation. However, with Friday's gain, the stock has confirmed a "consolidation zone" breakout at Rs 83 levels on a closing basis. This breakout is accompanied by huge volumes, indicating increased participation. Recently, the stock has recaptured its 20, 50, and 100-day SMAs, which reconfirms a bullish trend. The daily and weekly "Bollinger Band" buy signals show increased momentum. The daily, weekly, and monthly strength indicator RSI is in positive terrain, which justifies rising strength across all time frames. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 99-113
Stop-Loss: Rs 80, Rs 75
Rajesh Bhosale, Technical Analyst at Angel One
Apollo Hospitals Enterprise | CMP: Rs 6,664.55
Apollo Hospitals has been in a consolidation phase for the past few months, but a bullish 'Saucer' pattern on the daily chart suggests the potential resumption of the primary uptrend. This breakout is confirmed by a strong bullish candle. Prices have been finding solid support at the 20-day EMA (Exponential Moving Average), with recent dips being bought into. Additionally, a fresh positive crossover is occurring as the 50-day EMA crosses above the 89-day EMA. Given this setup, we have a positive outlook on the stock. Hence, we recommend buying the stock around Rs 6,666 - Rs 6,660.
Strategy: Buy
Target: Rs 7,175
Stop-Loss: Rs 6,388
Eicher Motors | CMP: Rs 5,012.5
For the past few weeks, Nifty Auto Index has been trading within a tight range of 26,000 - 24,800. On Friday, we saw a bullish breakout, leading to a broad-based rally in this sector. Eicher Motors also experienced a significant breakout, closing above Rs 4,980 levels, which had previously acted as strong resistance. This breakout confirms a bullish continuation with an ‘Ascending Triangle’ pattern. Prices have now entered uncharted territory, indicating strong momentum driven by the bulls. Hence, we recommend buying Eicher Motors around Rs 5,010 - Rs 5,000.
Strategy: Buy
Target: Rs 5,290
Stop-Loss: Rs 4,860
Quess Corp | CMP: Rs 711.15
During the last week, Quess Corp experienced strong positive momentum, confirming a bullish reversal pattern known as the ‘Inverse Head and Shoulders’ on the weekly chart. This breakout is backed by a significant surge in volume and a large bullish candle. Prices are positioned above key moving averages, and oscillators are positively aligned, reinforcing the buy signal. Hence, we recommend buying Quess Corp around Rs 711 - Rs 705.
Strategy: Buy
Target: Rs 790
Stop-Loss: Rs 669
Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities
One 97 Communications (Paytm) | CMP: Rs 509
Paytm has been consistently making higher tops and higher bottoms over the last few weeks. Last week (ended July 26), the stock bounced from the 20-day SMA and cleared its nearby resistances on the back of above-average volumes. With momentum readings like the 14-day RSI also in rising mode, this suggests that the uptrend will continue.
Strategy: Buy
Target: Rs 570
Stop-Loss: Rs 455
Piramal Enterprises | CMP: Rs 992
Piramal Enterprises has been consistently moving higher over the last few weeks. Last week, the stock broke out of its recent range on the back of above-average volumes. Technical indicators are giving positive signals, as there was a recent positive moving average crossover with the 20-day SMA moving above the 50-day SMA. With the 14-week RSI also in rising mode and above its 9-week EMA, we expect the stock to head higher in the coming sessions.
Strategy: Buy
Target: Rs 1,100
Stop-Loss: Rs 925
Campus Activewear | CMP: Rs 311
Campus Activewear reversed its intermediate downtrend in April 2024 and has since been making higher tops and higher bottoms. Last week, it broke out of a trading range on the back of healthy volumes. Momentum readings like the 14-week RSI are also in rising mode and not overbought. With the intermediate technical setup looking encouraging, we expect the stock to gradually move higher in the coming sessions.
Strategy: Buy
Target: Rs 360
Stop-Loss: Rs 282
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
IDFC First Bank | CMP: Rs 74.5
After reaching a peak near Rs 101 in September 2023, IDFC First Bank experienced a substantial correction of Rs 30, translating to a 29.34 percent decline from its high. Recently, the stock found support near the 0.618 retracement level of its previous upmove from 53 to 101. Additionally, a bullish BAT pattern has formed precisely at this 0.618 retracement level, making the current levels attractive for buying. Based on these technical indicators, buying in the Rs 72-75 zone is recommended. The target price is set at Rs 84, with a stop-loss placed near Rs 68.5 on a daily close basis.
Strategy: Buy
Target: Rs 84
Stop-Loss: Rs 68.5
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!
