The benchmark indices gained an additional 1 percent on November 6, extending their rally for the second consecutive session, with strong market breadth. About 2,012 shares advanced, while 492 shares declined on the NSE. While there may be some consolidation after the sharp run-up over the last two days, the overall trend seems to have turned in favour of the bulls. Below are some trading ideas for the near term:
Vidnyan S Sawant, Head of Research at GEPL Capital
HDFC Bank | CMP: Rs 1,755
HDFC Bank has formed a strong base with a long-wick bullish candlestick on the monthly scale, indicating buying interest. On the weekly scale, it shows higher bottoms and a bullish mean reversion from the 12- and 26-week EMAs (Exponential Moving Averages). The MACD (Moving Average Convergence Divergence) remains positive across timeframes, and the stock is well above key moving averages, signaling continued bullish momentum. The ratio chart versus Nifty holds above the July 2024 swing high, indicating relative strength.
Strategy: Buy
Target: Rs 1,930
Stop-Loss: Rs 1,665
Skipper | CMP: Rs 580
Skipper has maintained a strong uptrend since 2022, reflecting sustained bullish momentum. It retested a key multi-year breakout level in March 2024, confirming support and setting the stage for further upside. The stock consistently formed higher tops and bottoms, indicating steady accumulation. Skipper is well above key moving averages (12, 26, 50, 100, 200-week EMAs), which support the uptrend. The MACD confirms positive momentum.
Strategy: Buy
Target: Rs 694
Stop-Loss: Rs 530
Fiem Industries | CMP: Rs 1,641.55
Fiem Industries has shown strong structural development across timeframes, marked by polarity shifts in March 2023 and March 2024, driving a consistent uptrend. Recently, the stock witnessed a bullish mean reversion from the 26-week EMA. The weekly RSI (Relative Strength Index) has formed a double bottom and stands at 61, reinforcing bullish momentum.
Strategy: Buy
Target: Rs 1,917
Stop-Loss: Rs 1,505
Sarda Energy & Minerals | CMP: Rs 451.7
Sarda Energy is in a sustained uptrend, forming higher tops and bottoms, and is positioned above key moving averages (12, 26, 50-week EMAs). Recent price action shows a bullish mean reversion from the 12-week EMA. The MACD remains positive, indicating that the bullish momentum is intact.
Strategy: Buy
Target: Rs 542
Stop-Loss: Rs 415
Jatin Gedia, Technical Research Analyst at Sharekhan
Indian Hotels Company | CMP: Rs 684.65
Indian Hotels has formed a Triangle pattern on the daily charts and is likely to break out on the upside. The daily momentum indicator has a positive crossover. The stock also formed a Hammer pattern on the daily charts. Therefore, we expect the stock to break out on the upside and reach levels of Rs 721/Rs 735. A stop-loss of Rs 665 should be maintained for long positions.
Strategy: Buy
Target: Rs 721, Rs 735
Stop-Loss: Rs 665
Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities
Kellton Tech Solutions | CMP: Rs 159.8
After testing its 52-week high of Rs 184.30, Kellton Tech Solutions witnessed a corrective phase, with prices retracing back towards the Rs 130 level, forming a lower high pattern. Recently, fresh bullish momentum has emerged in the stock, as it broke out above the falling trendline of the declining channel. With a sudden spike in volumes, along with positive price action, further upside is expected. Therefore, one can accumulate the stock on dips in the range of Rs 150-155 for an expected upside of Rs 175-178, with a stop-loss below Rs 135.
Strategy: Buy
Target: Rs 175, Rs 178
Stop-Loss: Rs 135
Bank of Baroda | CMP: Rs 262.55
Since the last few weeks, Bank of Baroda has been consolidating in a broader range of Rs 230-255, with prices fluctuating around its 200-day exponential moving average on the daily time frame. After a prolonged consolidation, the stock managed to gain fresh bullish momentum this week above its key resistance of Rs 255. The positive divergences on secondary oscillators also suggest that the stock is on the verge of fresh upside after spending nearly three months in a defined range. Therefore, one can accumulate the stock in the range of Rs 255-260 for an expected upside of Rs 280-285, with a stop-loss below Rs 240.
Strategy: Buy
Target: Rs 280, Rs 285
Stop-Loss: Rs 240
Aarti Pharmalabs | CMP: Rs 678
In August 2024, Aarti Pharmalabs marked its 52-week high and witnessed profit booking since then, which took prices towards its 200-day exponential moving average on daily charts. Technically, the stock formed a double-bottom pattern around Rs 585 and witnessed a sharp upside thereafter. This week, a fresh breakout has been observed above the W pattern visible on the daily charts. Therefore, one can accumulate the stock in the range of Rs 665-675 for an expected upside of Rs 750-765, with a stop-loss below Rs 600.
Strategy: Buy
Target: Rs 750, Rs 765
Stop-Loss: Rs 600
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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