The benchmark indices recorded a third of a percent loss on March 28 after a day of rally, with market breadth remaining in favour of bears. A total of 1,627 shares were under pressure compared to 985 shares that gained on the NSE. The market is expected to consolidate further amid caution ahead of tariffs announcements by Donald Trump. Below are some trading ideas for the near term:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Fortis Healthcare | CMP: Rs 6,98.35
On the daily and weekly charts, Fortis Healthcare has decisively broken out of its "multiple resistance" zone at Rs 680 levels on a closing basis, indicating a strong resurgence of bullish sentiment. This breakout is accompanied by huge volume, signifying increased participation. On the weekly and monthly charts, the stock is in a strong uptrend, characterized by a series of higher highs and higher lows, indicating a robust bullish trend. Recently, the stock has recaptured its 20-, 50-, 100-, and 200-day SMA and rebounded sharply, showing buying force near the crucial support zone. Investors should consider buying, holding, and accumulating this stock, with an expected upside of Rs 777-830 and a downside support zone of Rs 670-635.
Strategy: Buy
Target: Rs 777, Rs 830
Stop-Loss: Rs 670
Sumitomo Chemical India | CMP: Rs 559.35
On the weekly chart, Sumitomo Chemical India has confirmed a breakout from a "down-sloping channel" at the Rs 528 level on a closing basis, indicating a short- to medium-term resumption of the prior uptrend. The positive crossover of the 20- and 50-day Simple Moving Averages (SMA) signifies bullish sentiment. Huge volumes on this breakout signify increased participation. The daily and weekly RSI indicators have turned bullish, indicating rising strength. Investors should consider buying, holding, and accumulating this stock, with an expected upside of Rs 595-645 and a downside support zone of Rs 525-515.
Strategy: Buy
Target: Rs 595, Rs 645
Stop-Loss: Rs 525
SBI Cards and Payment Services | CMP: Rs 881.1
On the daily and weekly charts, SBI Card is in a strong uptrend, forming a series of higher tops and bottoms, indicating bullish sentiment. On the weekly chart, the stock has confirmed a breakout of the "Flag" continuation formation at Rs 860 levels, suggesting the continuation of the prior uptrend. It is also well-placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs), indicating a positive bias. The daily, weekly, and monthly strength indicators, RSI, have turned bullish, indicating a rise in strength. Investors should consider buying, holding, and accumulating this stock, with an expected upside of Rs 925-1,000 and a downside support zone of Rs 850-820.
Strategy: Buy
Target: Rs 925, Rs 1,000
Stop-Loss: Rs 850
Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
Hindustan Zinc | CMP: Rs 461.9
Hindustan Zinc has been experiencing a significant downturn over the past couple of trading months. However, the stock has reversed its trend with the strong formation of the ‘Inverted Head & Shoulders’ pattern on the daily time frame chart. It has surged above the 20-DEMA, 50-DEMA, and 100-DEMA in recent times, being backed by a rise in volumes, indicating a potential resurgence. Additionally, weekly indicators suggest a counter-trend, making this a suitable investment opportunity in the near future. Hence, we recommend buying Hindustan Zinc around Rs 455-450.
Strategy: Buy
Target: Rs 495, Rs 500
Stop-Loss: Rs 430
Ramco Cements | CMP: Rs 896.75
Ramco Cements has seen a decent recovery after a phase of consolidation and is now placed above the short-term EMAs and the 200 DSMA on the daily chart. The recent buying traction has been backed by a rise in trading volumes, attributing to positive developments in the counter. Additionally, the counter is comfortably placed above the SuperTrend indicator, adding to the bullish quotient. Simultaneously, the MACD (Moving Average Convergence Divergence) indicator is about to surpass the Zero line from lower levels, suggesting potential momentum in the near future. Hence, we recommend buying Ramco Cements around Rs 890-880.
Strategy: Buy
Target: Rs 960, Rs 980
Stop-Loss: Rs 840
Ameya Ranadive, Chartered Market Technician and Senior Technical Analyst at StoxBox
HDFC Life Insurance Company | CMP: Rs 685.7
HDFC Life is maintaining strong bullish momentum, with an upside target of Rs 720-740. The stock is trending above key moving averages, with the 10-day EMA (Rs 653) acting as dynamic support. RSI at 70.42 signals strength but is nearing overbought territory, suggesting potential consolidation before further upside. ADX (Average Directional Index) at 26.80 confirms a strengthening trend, while the MACD histogram remains positive, reinforcing bullish sentiment.
Options activity and volume trends indicate sustained accumulation. A breakout above Rs 720 could lead to further gains, while Rs 650 remains a crucial support level. A close below Rs 650 would negate the bullish outlook, potentially triggering a pullback. The broader setup favors a buy-on-dips strategy, with momentum intact as long as the stock sustains above key levels.
Strategy: Buy
Target: Rs 720, Rs 740
Stop-Loss: Rs 650
Allied Blenders and Distillers | CMP: Rs 306.2
Allied Blenders is exhibiting signs of a potential reversal, with a strong support zone at Rs 292-Rs 285, where the stock has historically rebounded, indicating robust demand at lower levels. RSI is near the oversold territory, with a prior bullish divergence, suggesting a possible recovery. ADX indicates strengthening trend potential, with rising buying pressure; a positive DI crossover could confirm an uptrend. Previous buy signals from similar levels led to significant rallies, reinforcing the bullish case. The MACD histogram is improving, signaling weakening bearish momentum despite a negative MACD crossover.
With a target of Rs 360-Rs 380, aligning with historical resistance zones, a reversal appears likely. A sustained hold above support could trigger an upside move, favouring a buy-on-dips strategy for traders.
Strategy: Buy
Target: Rs 360, Rs 380
Stop-Loss: Rs 275
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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