Equity benchmark indices lost a third of a percent on August 29, marking a negative start to the September series and extending the downtrend for the third straight day. The market breadth was weak, with about 1,582 shares declining compared to 1,167 advancing shares on the NSE. The market may see rangebound trading after the sharp sell-off last week. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
HBL Engineering | CMP: Rs 807.1
HBL Engineering is in a strong uptrend, forming a series of higher tops and bottoms, representing a strong uptrend. On the weekly chart, the stock has confirmed a "consolidation zone" breakout at Rs 745 levels, indicating sustained momentum. This breakout is accompanied by huge volumes, which signify increased momentum.
The stock is well-placed above its 20, 50, 100, and 200-day SMAs, which reconfirms a bullish trend. These averages are also inching up along with the price rise, further reinforcing the bullish trend. The daily, weekly, and monthly strength indicators (RSI) indicate rising strength. The daily and weekly Bollinger Bands buy signal also indicates increased momentum.
Strategy: Buy
Target: Rs 880, Rs 935
Stop-Loss: Rs 777
Nava | CMP: Rs 687.6
On the weekly chart, Nava has confirmed a "cup and handle" formation at the Rs 650 level. Huge volumes on this breakout signal increased participation. Recently, the stock has registered an all-time high at Rs 710, which reflects bullish sentiment. The stock is well-placed above its 20, 50, 100, and 200-day SMAs, which reconfirms a bullish trend. These averages are also inching up along with the price rise, reaffirming the bullish outlook. The daily, weekly, and monthly RSI indicators indicate rising strength. The daily and weekly Bollinger Bands buy signal indicates increased momentum.
Strategy: Buy
Target: Rs 710, Rs 755
Stop-Loss: Rs 648
Apollo Micro Systems | CMP: Rs 263
Apollo Micro Systems is in a strong uptrend, forming a series of higher tops and bottoms, representing a strong uptrend. The weekly Bollinger Bands buy signal indicates increased momentum. The consistently rising volumes over the past 6–8 months show increased participation. In Friday’s session, the stock registered an all-time high at Rs 271, reflecting bullish sentiment. The stock is well-placed above its 20, 50, 100, and 200-day SMAs, which reconfirms a bullish trend. These averages are also inching up along with the price rise, reinforcing the bullish view.
Strategy: Buy
Target: Rs 280, Rs 295
Stop-Loss: Rs 243
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
Blue Star | CMP: Rs 1,881.7
Blue Star has demonstrated a robust move over the last couple of trading weeks and has witnessed a "Cup and Handle" pattern breakout on the daily chart. In the recent period, the stock has retraced to the neckline of the breakout, coinciding with the 200 DSMA, and is likely to gain traction. The alignment of momentum indicators, along with the positive crossover among EMAs and the favourable setup in the SuperTrend indicator in recent periods, indicates the likelihood of sustained momentum in the foreseeable future.
Strategy: Buy
Target: Rs 2,050, Rs 2,100
Stop-Loss: Rs 1,790
Marico | CMP: Rs 725.85
Marico has seen a retracement in recent times, followed by a multi-week breakout on the daily chart structure. The stock has been hovering slightly above its 20 DEMA, with bullish biases. Additionally, the counter has exhibited a higher low formation on the daily chart and has displayed a positive crossover on technical indicators, further enhancing the bullish sentiment. Also, on the indicator front, the 14-period RSI is on the verge of a positive crossover. From a risk-reward point of view, the counter is firmly aligned with a favourable setup from a short- to medium-term perspective.
Strategy: Buy
Target: Rs 770, Rs 780
Stop-Loss: Rs 685
Voltas | CMP: Rs 1,374
Voltas has been trading in close proximity to a cluster of its exponential moving averages (EMAs) on the daily chart, following a breakout from a sloping trendline observed over the past few weeks. The recent emergence of an "island reversal" pattern on the daily chart suggests a robust near-term outlook. Furthermore, the SuperTrend indicator presents a favourable perspective for the short term, complemented by a positive crossover in the 14-day Relative Strength Index (RSI), collectively enhancing the optimistic outlook for this stock.
Strategy: Buy
Target: Rs 1,500, Rs 1,520
Stop-Loss: Rs 1,280
Anshul Jain, Head of Research at Lakshmishree Investments
CG Power and Industrial Solutions | CMP: Rs 694.3
CG Power has shown remarkable strength, rallying 36.93% in 31 sessions and forming a solid pole on the charts. This was followed by 67 days of consolidation, shaping a classic flag pattern on the weekly timeframe, which also resembles a mini coil structure.
In the latest session, the stock decisively broke out of this flag formation with a massive 431% surge in volume compared to the 50-day average, clearly indicating strong institutional participation. Such a technical setup, backed by volumes, often leads to sharp follow-through momentum, keeping CG Power well-positioned for a significant continuation of its upmove.
Strategy: Buy
Target: Rs 950
Stop-Loss: Rs 645
CreditAccess Grameen | CMP: Rs 1,400
CreditAccess Grameen has broken out of a bullish 272-day-long cup and handle pattern, confirming a strong technical setup. The breakout is supported by multiple accumulative candles on the daily charts, signaling steady institutional interest. The overall structure looks positive as the stock holds firm above key moving averages.
Momentum indicators are also pointing upward, reinforcing the bullish sentiment. For the breakout to sustain, follow-through buying with healthy volumes will be crucial. If momentum continues, the stock is poised to extend its rally, making it one of the stronger candidates in the financial space.
Strategy: Buy
Target: Rs 1,649
Stop-Loss: Rs 1,295
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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