The benchmark indices extended their lower-high formation for the fifth consecutive session, with the Nifty 50 closing 0.8 percent lower on May 22, as market breadth favoured the bears. On the NSE, a total of 1,458 shares declined, while 1,109 shares advanced. Consolidation is likely to continue, with the indices attempting to defend the previous Thursday’s low in the upcoming session. Below are some short-term trading ideas to consider:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Sharda Cropchem | CMP: Rs 652.1
Sharda Cropchem has recently witnessed a breakout from its daily range, supported by strong volumes. The stock is currently resting near the breakout zone, and if it sustains above Rs 660, it is poised for a fresh upward move. A successful breakout could open the door for targets of Rs 730 and Rs 740 in the near term. On the downside, Rs 630 will act as a strong support level, and any dip toward this zone can be seen as a buying opportunity.
Technically, the stock displays a bullish structure, forming higher highs and higher lows. It is trading above all key EMAs (20, 50, 100, 200). The Relative Strength Index (RSI) stands at 66.97, indicating strong momentum, while the Stochastic RSI has shown a positive crossover, further supporting the bullish bias. For prudent risk management, traders may consider a stop-loss at Rs 610 to guard against any downside risk.
Strategy: Buy
Target: Rs 730, Rs 740
Stop-Loss: Rs 610
Grindwell Norton | CMP: Rs 1,795.3
Grindwell Norton is currently consolidating within a symmetrical triangle pattern and appears to be on the verge of a breakout. Rising trading volumes suggest increasing participation and indicate the potential for a strong uptrend in the short term. A decisive close above Rs 1,800 would confirm the breakout and strengthen the ongoing bullish momentum.
The RSI stands at 58.28, reflecting positive momentum with scope for further upside. On the downside, immediate support is placed at Rs 1,760, making it a favourable zone for accumulation on dips. For risk management, traders are advised to maintain a stop-loss at Rs 1,700. If momentum sustains, the stock has the potential to rally towards Rs 2,100 and Rs 2,200 in the near term.
Strategy: Buy
Target: Rs 2,100, Rs 2,200
Stop-Loss: Rs 1,700
Morepen Laboratories | CMP: Rs 67.86
Morepen Laboratories has recently broken out of a classic Cup and Handle pattern, backed by rising trading volumes and a strong price structure characterized by higher highs and higher lows. This breakout reflects growing buyer confidence and hints at a potential acceleration in price.
The RSI stands at 69.25 and is trending upwards, reinforcing the stock’s strengthening momentum and bullish sentiment. Immediate support is placed at Rs 65, making it a favourable zone for accumulation on dips. For prudent risk management, traders are advised to maintain a stop-loss at Rs 62. If the current momentum sustains and the breakout confirms, Morepen Laboratories could potentially rally towards Rs 75 and Rs 80 in the short term, offering an attractive opportunity for swing traders and positional investors.
Strategy: Buy
Target: Rs 75, Rs 80
Stop-Loss: Rs 62
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
Astral | CMP: Rs 1,442.4
Astral has broken out of a Flag and Pole pattern on the daily chart — a classic continuation formation — indicating the potential for further upside. This breakout has been confirmed by a large-bodied bullish candle, signaling strong buying interest. Additionally, the Average Directional Index (ADX) line has started to turn upwards, suggesting increasing strength in the prevailing uptrend.
Strategy: Buy
Target: Rs 1,550
Stop-Loss: Rs 1,395
Aditya Birla Capital | CMP: Rs 221.45
Aditya Birla Capital is in a well-established uptrend and continues to find support at its 20-day exponential moving average, with every minor dip met with renewed buying. The MACD (Moving Average Convergence Divergence) is trending upwards, reflecting strengthening bullish momentum and supporting the likelihood of further price appreciation.
Strategy: Buy
Target: Rs 240
Stop-Loss: Rs 212
Om Mehra, Technical Research Analyst at SAMCO Securities
NMDC | CMP: Rs 71.19
NMDC stock has been gradually building strength in recent sessions and is now approaching a crucial horizontal resistance around Rs 72, which has capped previous attempts to move higher. Recent price action shows a series of higher lows, supported by steadily improving volumes. The stock is comfortably trading above its 20-day simple moving average, which is now turning upward and acting as dynamic support.
The daily RSI stands at 62 with a clear upward slope, indicating improving momentum while remaining below the overbought zone. This suggests that the current strength has room to extend further. The MACD continues to maintain a positive crossover, and the expanding histogram provides further confirmation of a bullish setup. A decisive close above Rs 73, accompanied by strong volume, could signal the start of a fresh upward leg. A broader rise in the metal index would further support this upmove.
Strategy: Buy
Target: Rs 76
Stop-Loss: Rs 67.50
Pfizer | CMP: Rs 5,139.40
Pfizer has witnessed a sharp breakout from a long-term falling trendline, backed by a strong surge in volumes. This breakout marks a structural reversal after months of consolidation and decline. The stock has convincingly moved above its key resistance zone around Rs 5,000, reclaiming bullish momentum.
On the daily chart, Pfizer is positioned well above its 9-day EMA and all major moving averages, indicating a short-term trend shift. Although the daily RSI is in the overbought zone, the weekly RSI stands at 64 — highlighting the strength of the move rather than signaling immediate exhaustion. The MACD shows a sharp expansion, with the fast line diverging significantly from the signal line. Consistently rising histogram bars confirm the acceleration in upward momentum. The overall setup remains strong, with the breakout zone likely to act as a cushion during any intraday or short-term pullbacks.
Strategy: Buy
Target: Rs 5,620
Stop-Loss: Rs 4,820
Clean Science and Technology | CMP: Rs 1,328.9
Clean Science & Technology has staged a strong breakout after a prolonged consolidation phase. The stock has moved above the Rs 1,315 resistance zone, which had previously acted as a strong barrier. A noticeable rise in volumes supports the breakout, and the stock is now trading well above its short-term moving averages and the daily Supertrend, strengthening the bullish outlook.
The daily RSI stands just below 70, indicating strong and sustainable momentum with no negative divergence. The MACD has shown a fresh bullish crossover with a steadily expanding histogram, suggesting trend strength and follow-through potential. A higher-high formation remains intact following a double-bottom pattern. The stock can be accumulated near the Rs 1,300 zone or added in tranches.
Strategy: Buy
Target: Rs 1,410
Stop-Loss: Rs 1,270
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!
