Bulls faced a tough battle at record-high levels due to bear pressure, which dragged the Nifty 50 below the 26,000 mark on a closing basis. The index ended with just a 1.4-point gain on September 24. Market breadth was negative, with 1,309 shares declining against 1,168 shares advancing on the NSE. The index is likely to remain rangebound, though the overall trend remains positive. Below are some trading ideas for the near term:
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
KPR Mill | CMP: Rs 1,009
In the previous session, KPR Mill saw a sharp rally of 7.9 percent, reaching a lifetime high of Rs 1,018. The stock has given a breakout from its channel, and prices have also broken above the upper end of the Keltner channel, indicating good momentum. Additionally, the Know Sure Thing (KST) indicator has crossed above its signal line and is now above 0, suggesting increasing momentum in the stock. In summary, the trend for KPR Mill is bullish. Use dips as a buying opportunity with a target of Rs 1,090, as long as Rs 965 holds on the downside.
Strategy: Buy
Target: Rs 1,090
Stop-Loss: Rs 965
Firstsource Solutions | CMP: Rs 333.5
On the daily chart, Firstsource Solutions has been following the trendline efficiently, repeatedly bouncing upward from it. In the previous session, Firstsource Solutions had a gap-up opening and gained 6 percent, with a spike in volume indicating fresh buying. Currently, prices have closed above the upper Bollinger Band, indicating buying pressure. The Relative Strength Index (RSI) is at 63, leaving room for further upward movement. In summary, the trend for Firstsource Solutions is bullish. A breach above Rs 344 could push the price higher towards Rs 365-370, as long as Rs 330 remains protected on the downside.
Strategy: Buy
Target: Rs 365, Rs 370
Stop-Loss: Rs 330
Kajaria Ceramics | CMP: Rs 1,548
Kajaria Ceramics rallied 2.5 percent in the previous session. The stock has formed a rounding bottom pattern, and the price has closed above Rs 1,545, confirming the breakout. The Average Directional Index (ADX) suggests strong momentum, with a reading of 36.11, which is above 25. For now, a buy-on-dips approach is recommended to ride the trend. In summary, the trend for Kajaria Ceramics is bullish. Use dips towards Rs 1,525-1,540 as a buying opportunity for a move towards Rs 1,680-1,700, as long as Rs 1,460 holds on the downside.
Strategy: Buy
Target: Rs 1,680, Rs 1,700
Stop-Loss: Rs 1,460
Om Mehra, Technical Analyst at Samco Securities
Siemens | CMP: Rs 7,096
After a significant correction, Siemens has consolidated and formed a strong base around the Rs 6,950 level. The daily RSI stands at 64, indicating healthy momentum, while a double bottom formation adds strength to the stock's recovery potential. Trading above both its 9- and 20-day moving averages suggests a sustained uptrend. Elevated delivery volumes in the past two sessions reflect increased investor interest and potential accumulation. Based on the technical structure, one can initiate a long position at the current market price (CMP) of Rs 7,096.
Strategy: Buy
Target: Rs 7,480
Stop-Loss: Rs 6,840
Ceat | CMP: Rs 3,000
Ceat is on the verge of a breakout from a Cup and Handle pattern, signaling potential upward momentum. The stock continues to trade above its 20-day moving average, while the daily RSI remains strong above 60, indicating sustained bullish momentum. A minor resistance is noted around the Rs 3,030 level, and a breakout above this could trigger further upside. The Rs 2,950 level is an ideal accumulation zone, offering a favourable entry point. One can initiate a long position at the current market price (CMP).
Strategy: Buy
Target: Rs 3,300
Stop-Loss: Rs 2,850
CESC | CMP: Rs 201
CESC is forming higher highs and higher lows, indicating a sustained uptrend. The stock is trading well above its 9- and 20-day moving averages. The daily RSI holds comfortably at 55, while a double bottom pattern provides additional bullish confirmation. A notable rise in volume accompanying the stock’s upward movement further supports the positive outlook. Based on the technical structure, one can initiate a long position at the current market price (CMP).
Strategy: Buy
Target: Rs 223
Stop-Loss: Rs 191
Riyank Arora, Technical Analyst at Mehta Equities
Page Industries | CMP: Rs 41,959
Page Industries has successfully tested its anchor VWAP (volume-weighted average price) support level of Rs 42,100 on the daily timeframe, showing resilience above this key threshold. With a positive trend and robust volume activity, the stock is poised to move towards Rs 44,100. To mitigate potential downside risks, a strict stop-loss at Rs 41,800 is recommended. The RSI (14) at 50 indicates a potential acceleration in momentum, supporting a bullish outlook.
Strategy: Buy
Target: Rs 44,100
Stop-Loss: Rs 41,800
HDFC Life Insurance Company | CMP: Rs 721
HDFC Life is currently trading within its anchor VWAP support band of Rs 710-720, following a successful breakout above Rs 721. This presents a favourable risk-reward scenario for buying. A strict stop-loss at Rs 705 is essential for risk management, with potential upside targets of Rs 760 and above. The RSI (14) at 51 shows an upward trend, suggesting increasing momentum in the stock.
Strategy: Buy
Target: Rs 760
Stop-Loss: Rs 705
Maruti Suzuki India | CMP: Rs 12,739
Maruti Suzuki has broken through its swing high resistance level of Rs 12,570 and is currently retesting this level. With a positive trend supported by volume on Tuesday, which aligns with the 30-day average, the stock is well-positioned to move towards Rs 13,250 and beyond. A strict stop-loss at Rs 12,400 is advised to protect against any downside movement.
Strategy: Buy
Target: Rs 13,250
Stop-Loss: Rs 12,400
Sun TV Network | CMP: Rs 830
Sun TV is forming a symmetrical triangle pattern, signaling that any pullback from current levels offers a strong buying opportunity. A momentum surge is expected once the stock surpasses Rs 840, with a potential target of Rs 900 and above. To manage risk effectively, a stop-loss at Rs 815 is recommended. The RSI (14) near 56, combined with rising momentum, supports a favourable outlook for the stock.
Strategy: Buy
Target: Rs 900
Stop-Loss: Rs 815
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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