The benchmark indices gained nearly 1 percent, extending the uptrend for another session on March 6, as bulls gained more strength. The market breadth remained positive, with about 2,114 shares advancing against 547 falling shares on the NSE. The market may see some consolidation before gaining further strength toward the 20-day EMA. Below are some trading ideas for the near term:
Hardik Matalia, Derivative Analyst at Choice Broking
Radico Khaitan | CMP: Rs 2,209.25
Radico Khaitan has formed a strong bullish candle on the daily chart, signaling renewed buying interest. The stock recently witnessed a throwback from higher levels but successfully rebounded from a key support zone, which also aligns with the lower boundary of a parallel channel. This rebound indicates strong demand at lower levels, suggesting a potential trend reversal.
The stock is now on the verge of breaking out from the falling parallel channel. If it manages to sustain above Rs 2,250, it could confirm a breakout, paving the way for further upside toward a Rs 2,460 target. A decisive close above this level would strengthen bullish sentiment and indicate further price appreciation. The Relative Strength Index (RSI) is at 54.59, trending upwards, indicating growing strength in momentum. Additionally, Radico Khaitan is trading above all key moving averages—including short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs—reinforcing the positive outlook. This alignment suggests that the stock has regained strength and could continue its upward trajectory.
Strategy: Buy
Target: Rs 2,460
Stop-Loss: Rs 2,085
NMDC | CMP: Rs 66.9
NMDC has shown signs of a reversal, forming a strong bullish candle on the daily chart, signaling renewed buying interest. The move is further supported by consistent trading volumes, suggesting growing participation from market players. The stock is approaching a critical level of Rs 69, which, if sustained, would confirm a breakout from the consolidation range. A successful breakout above this level could drive further upside toward the next target of Rs 75, where additional resistance may be observed. Holding above this range would reinforce the bullish momentum and indicate strength in the ongoing recovery.
The RSI is at 55.50, trending upwards, suggesting improving momentum. Additionally, NMDC has bounced from its lower levels, surpassed its short-term (20-day) and medium-term (50-day) EMAs, and is now approaching its long-term (200-day) EMA. This technical setup indicates strengthening bullish sentiment and the possibility of further upside if the stock continues to hold above key levels.
Strategy: Buy
Target: Rs 75
Stop-Loss: Rs 63
Global Health | CMP: Rs 1,252.95
Global Health has experienced a throwback from higher levels and is consolidating near its demand zone. This consolidation phase has allowed the stock to stabilize before resuming its uptrend. Notably, Global Health has formed a Cup & Handle pattern on the daily chart, a bullish continuation pattern, and has successfully broken out of it, signaling strong buying momentum.
The breakout is further supported by an increase in trading volumes, reinforcing the strength of the move. If the stock manages to hold above Rs 1,260, it could confirm the breakout and open doors for an upside target of Rs 1,400 in the near term. Sustaining above this level would indicate continued bullish strength and a potential continuation of the uptrend.
The RSI is at 63.66, trending upward with a positive crossover, signaling strong momentum and further bullish potential. Additionally, Global Health is trading above all key moving averages, further supporting the positive outlook and confirming the stock’s strength.
Strategy: Buy
Target: Rs 1,400
Stop-Loss: Rs 1,180
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
NTPC | CMP: Rs 337.9
NTPC has broken out of a Flag and Pole pattern on the daily chart with a large-bodied bullish candlestick and a surge in buying volumes. It has crossed above its 50-day EMA, confirming the trend reversal. The RSI Indicator is rising, confirming the bullish momentum.
Strategy: Buy
Target: Rs 355
Stop-Loss: Rs 327
Jindal Steel & Power | CMP: Rs 914.6
Jindal Steel & Power has given a range breakout with higher-than-average buying volumes on the daily chart. It has closed above its 200-day EMA, confirming the trend reversal. The MACD (Moving Average Convergence Divergence) indicator is rising, confirming the positive momentum.
Strategy: Buy
Target: Rs 960
Stop-Loss: Rs 893
Axis Bank | CMP: Rs 1,034.1
Axis Bank has reversed from major support levels on the daily chart and is respecting its higher lows formation. It has closed above its 50-day EMA to confirm the price move. The RSI indicator is confirming the price movement upward.
Strategy: Buy
Target: Rs 1,075
Stop-Loss: Rs 1,010
Om Mehra, Technical analyst at Samco Securities
Torrent Pharmaceuticals | CMP: Rs 3,059
Torrent Pharma has broken out of a falling wedge pattern on the daily chart. The stock is trading comfortably above the 9-day EMA, indicating a neutral to bullish outlook. The RSI remains in a healthy zone, reflecting continued strength without entering overbought territory. Any dip toward the Rs 3,000-Rs 3,020 zone can be seen as a buying opportunity unless a breakdown occurs. The volume trends suggest a steady rise, reinforcing the bullish outlook. A breakout above previous swing highs could pave the way for further upside. Hence, based on the technical structure, one can initiate a long position at CMP for a target price of Rs 3,300.
Strategy: Buy
Target: Rs 3,300
Stop-Loss: Rs 2,970.
CG Power and Industrial Solutions | CMP: Rs 628.1
CG Power is displaying strong momentum, trending upwards with consistent buying interest. The stock remains well-supported by its moving averages, reinforcing the strength of the ongoing trend. The RSI sustains above the 50 level, reflecting a bullish undertone. A breakout above Rs 630 could signal further momentum continuation, though a minor retracement cannot be ruled out before the next leg up. The formation of a triple-bottom pattern, along with robust volume participation, indicates a positive outlook. Any dip toward the Rs 620 support zone may offer an opportunity for accumulation. Hence, based on the above technical structure, one can initiate a long position at CMP (current market price).
Strategy: Buy
Target: Rs 675
Stop-Loss: Rs 612
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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