The benchmark Nifty 50 continued its southward journey for another session, falling by 54 points to 25,145. However, the market breadth was positive on September 5, with 1,437 shares advancing and 997 shares declining on the NSE. While the index may consolidate further, the overall trend remains in favour of the bulls. Below are some trading ideas for the near term:
Amol Athawale, VP- Technical Research at Kotak Securities
Indian Hotels Company | CMP: Rs 670.45
Indian Hotels is in a rising channel chart formation with a higher high and higher low series pattern on the weekly charts. Additionally, technical indicators like the ADX (Average Directional Index) and RSI (Relative Strength Index) are indicating a further uptrend from current levels, which could boost the bullish momentum in the near future.
Strategy: Buy
Target: Rs 710
Stop-Loss: Rs 645
PVR INOX | CMP: Rs 1,580
PVR INOX has shown a robust rally from lower levels in recent weeks. Moreover, there has been a fresh breakout along with decent volume from the ascending triangle chart formation on the daily scale. As a result, the comfortable close above its breakout zone suggests that upward momentum is likely to persist in the coming horizon.
Strategy: Buy
Target: Rs 1,690
Stop-Loss: Rs 1,525
IRCTC | CMP: Rs 945
Indian Railway Catering & Tourism Corporation (IRCTC) is in the accumulation zone, trading in a range-bound mode for the past many sessions. The chart formation and technical indicator RSI (Relative Strength Index) indicate that the counter is likely to break out from its rectangle formation for a new leg of the up move in the near term.
Strategy: Buy
Target: Rs 1,010
Stop-Loss: Rs 910
Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management at MOFSL
Coforge | CMP: Rs 6,551
Coforge is in an overall uptrend and holding gains at higher zones. It has been forming higher tops and higher bottoms for the past three weeks, with its base shifting higher. A bullish candle has formed on the daily chart, and the momentum indicator RSI is positively placed, which may support the ongoing up move.
Strategy: Buy
Target: Rs 7,000
Stop-Loss: Rs 6,350
Hero MotoCorp | CMP: Rs 5,734
Hero MotoCorp has given a falling channel breakout on the weekly chart and managed to close above it. On the daily chart, it has given a trendline breakout and is continuously outperforming within the auto space. The ADX (Average Directional Index) indicator is in a strong uptrend, suggesting that the up move has strength.
Strategy: Buy
Target: Rs 6,000
Stop-Loss: Rs 5,600
Virat Jagad, Technical Research Analyst at Bonanza
Titan Company | CMP: Rs 3,722.85
Titan Company has broken out of an ascending triangle pattern on the daily chart, indicating a potential uptrend. The sharp increase in trading volume suggests strong buying interest, supporting a bullish outlook. The stock is trading above key EMAs (Exponential Moving Averages), adding to the positive momentum, with the RSI also moving higher, confirming the bullish trend. The stock might face resistance around Rs 3,725, and if it breaks above this level, it could rise further towards Rs 4,050. On the downside, immediate support is at Rs 3,560.
Strategy: Buy
Target: Rs 4,050
Stop-Loss: Rs 3,560
Alkyl Amines Chemicals | CMP: Rs 2,222
Alkyl Amines Chemicals has broken out from a Double Bottom pattern on the daily chart, a strong bullish signal suggesting the potential for continued price gains. The rise in trading volume during the last session shows growing buying interest, reinforcing the positive outlook. The stock is trading above key EMAs, aligning with the bullish trend. The DMI+ (Directional Movement Index) has crossed above the DMI-, indicating a favourable trend shift, while the ADX is moving up, signaling a strengthening trend. Overall, these indicators point to a bullish scenario with potential for further gains in the near term.
Strategy: Buy
Target: Rs 2,360
Stop-Loss: Rs 2,150
Hardik Matalia, Derivative Analyst at Choice Broking
Gujarat Fluorochemicals | CMP: Rs 3,524
Gujarat Fluorochemicals presents a promising buying opportunity. The stock has broken out of a consolidation range on the daily chart, supported by high trading volumes, indicating strength in the upward move. If the price holds above the Rs 3,550 level, it is likely to continue its advance toward the target of Rs 4,020. The RSI stands at 66.50 and is trending upward, signaling increased buying momentum. Furthermore, it has surpassed its key moving averages, including the short-term (20-day) EMA, medium-term (50-day) EMA, and long-term (200-day) EMA, reinforcing a bullish outlook. Based on these technical indicators, we recommend taking a long position in Gujarat Fluorochemicals at Rs 3,524.
Strategy: Buy
Target: Rs 4,020
Stop-Loss: Rs 3,270
Metropolis Healthcare | CMP: Rs 2,144.9
The daily chart of Metropolis indicates a long-term uptrend, characterized by higher highs and higher lows. The stock has formed a strong bullish candle, supported by significant trading volumes, reflecting robust buying interest. The recent breakout from a consolidation pattern enhances the bullish outlook, and maintaining levels above previous resistance will be crucial for sustaining upward momentum. If Metropolis holds above Rs 2,170, it is likely to target Rs 2,350, continuing the current uptrend.
The RSI is at 58.68 and trending upward, signaling increasing buying momentum. Furthermore, Metropolis is trading above key moving averages, including the short-term (20-day) and medium-term (50-day) EMAs, which confirms the strength of the bullish trend. Based on these positive technical indicators, Metropolis appears poised for additional upside. A buy recommendation is suggested at the current market price of Rs 2,144.90, with the opportunity to buy on dips down to Rs 2,100.
Strategy: Buy
Target: Rs 2,350
Stop-Loss: Rs 2,050
BLS International Services | CMP: Rs 455
BLS International has recently broken out of a small consolidation range, as well as a Cup and Handle pattern on the daily chart. The stock has rebounded from its support zone, suggesting that the bullish trend is likely to continue. If BLS holds above the Rs 465 level on a closing basis, it is poised to move toward an upward target of Rs 515. The RSI is at 72.80 and trending upward, indicating increased buying momentum. Additionally, BLS is trading above key moving averages, including the short-term (20-day) and medium-term (50-day) EMAs, which reinforces the bullish outlook. Based on the technical setup and indicators such as the RSI and moving averages, buying BLS International at Rs 455 presents a compelling opportunity for potential gains.
Strategy: Buy
Target: Rs 515
Stop-Loss: Rs 425
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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