Trade Spotlight: How should you trade Grasim, UltraTech Cement, Dalmia Bharat, MCX India, Navin Fluorine, Havells and others on April 28?

Stock Ideas For Short Term

The benchmark indices remained under pressure for another session, with the Nifty 50 declining by 0.86 percent on April 25. Market breadth was dominated by bears, with 2,228 shares declining compared to only 341 advancing shares on the NSE. Following a significant run-up and subsequent profit booking, the index is expected to remain range-bound in the near term. Below are some trading ideas to consider for short term:

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Grasim Industries | CMP: Rs 2,734.8

On the weekly chart, Grasim Industries has decisively broken out of an 8–9 month "down-sloping channel," indicating a resumption of the prior uptrend. The stock is trading well above its 20, 50, 100, and 200-day SMAs, which reinforces the bullish sentiment. The weekly strength indicator RSI (Relative Strength Index) is positive, suggesting that buying interest may persist at current levels. Investors should consider buying, holding, and accumulating this stock.

Strategy: Buy

Target: Rs 2,855, Rs 2,985

Stop-Loss: Rs 2,650

MCX India | CMP: Rs 6,052.5

MCX India has confirmed a trend reversal by forming a "double bottom" pattern on the weekly chart. Additionally, the breakout from a "down-sloping" trendline further reconfirms the trend reversal. The stock is trading above its 20, 50, 100, and 200-day SMAs, reflecting strong bullish sentiment. Both daily and weekly RSI indicators suggest that buying interest may emerge at current levels. A significant spike in volumes indicates increased participation. Investors should consider buying, holding, and accumulating this stock.

Strategy: Buy

Target: Rs 6,690, Rs 6,855

Stop-Loss: Rs 5,750

Steel Strips Wheels | CMP: Rs 205

Although Steel Strips Wheels has trended lower over the past year, the current weekly close has confirmed a breakout above a "down-sloping trendline" near the Rs 195 level. The daily, weekly, and monthly RSI indicators all suggest that buying interest may be present at current levels. The stock is positioned above its 20, 50, 100, and 200-day SMAs, confirming a bullish outlook. Rising volumes further validate increased investor interest. Investors should consider buying, holding, and accumulating this stock.

Strategy: Buy

Target: Rs 222, Rs 230

Stop-Loss: Rs 195

Rajesh Bhosale, Technical Analyst at Angel One

Dalmia Bharat | CMP: Rs 1,965.9

Dalmia Bharat had been trading in a range for the past year and has now given a decisive breakout from a falling channel pattern on the weekly chart. This breakout is supported by a strong volume surge, adding conviction to the move. Additionally, the RSI Smoothened, which previously faced resistance around the 50 mark, has now crossed above it, indicating a bullish momentum shift. Given the overall setup, the uptrend is expected to continue. We recommend buying Dalmia Bharat around Rs 1,966–1,960.

Strategy: Buy

Target: Rs 2,160

Stop-Loss: Rs 1,870

Navin Fluorine International | CMP: Rs 4,448.7

Navin Fluorine International had been consolidating within a broad range of Rs 3,600–4,400 in recent weeks and has now broken out of this range. The move also resembles a Cup and Handle breakout on the weekly chart, strengthening the bullish bias. The breakout is accompanied by a sharp rise in volumes, which adds further conviction. The stock is currently trading well above all key moving averages, reinforcing the positive outlook. We recommend buying Navin Fluorine International around Rs 4,449-4,440.

Strategy: Buy

Target: Rs 4,800

Stop-Loss: Rs 4,280

Ajit Mishra, SVP - Research at Religare Broking

Havells India | CMP: Rs 1,599.8

Havells India has retraced slightly towards the neckline area of the consolidation range after its initial surge post-breakout from a base formation between Rs 1,400–1,550 and its downward-sloping trendline. This pullback presents a fresh buying opportunity for those who missed the earlier breakout.

Strategy: Buy

Target: Rs 1,740

Stop-Loss: Rs 1,530

UltraTech Cement | CMP: Rs 12,237

We are witnessing noticeable traction in select cement stocks, and UltraTech Cement is leading from the front. The stock has reclaimed its record high and is trading on the verge of a breakout from a 9-month-long broadening formation. Traders can consider initiating fresh long positions at the mentioned levels.

Strategy: Buy

Target: Rs 13,600

Stop-Loss: Rs 11,500

Mahanagar Gas | CMP: Rs 1,279.6

Stocks from the gas distribution sector are under pressure, and Mahanagar Gas is moving in line with this trend. After a failed attempt to sustain above major moving averages, the stock has formed a fresh shorting pivot on the daily chart. Current indications favour a gradual decline from present levels.

Strategy: Sell

Target: Rs 1,130

Stop-Loss: Rs 1,360