The benchmark indices nosedived sharply amid Trump tariff woes, continuing their downtrend for the fifth consecutive session, falling 1.3 percent on February 11 with weak market breadth. A total of 2,386 shares were under pressure compared to 231 shares that saw buying interest on the NSE. The market is expected to consolidate, with likely support at Tuesday's low. Below are some trading ideas for the near term:
Amol Athawale, VP-technical Research at Kotak Securities
HCL Technologies | CMP: Rs 1,723.2
Post the decline from higher levels, HCL Technologies rebounded from its demand zone and witnessed a steady recovery from the lower levels. Additionally, on the daily charts, the counter has formed a higher low formation. The gradual up moves in the counter suggest a new leg of bullish trend from the current levels.
Strategy: Buy
Target: Rs 1,800
Stop-Loss: Rs 1,680
ICICI Bank | CMP: Rs 1,252.75
On the daily scale, after the gradual decline from recent highs, ICICI Bank is available near its short-term moving average. Therefore, the decent volume activity indicates a revival of the bullish trend from the current levels in the coming horizon.
Strategy: Buy
Target: Rs 1,310
Stop-Loss: Rs 1,210
Reliance Industries | CMP: Rs 1,234.85
After its declining trend, Reliance Industries is in the accumulation zone, where it is trading in a rangebound mode on the weekly scale. However, recent bullish activity near the lower boundary of the range is indicating good strength. The counter is expected to rebound and witness bullish momentum from the current levels, with a favourable risk and reward perspective.
Strategy: Buy
Target: Rs 1,300
Stop-Loss: Rs 1,205
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Cholamandalam Financial Holdings | CMP: Rs 1,512.5
Cholamandalam Financial Holdings was trading within a well-defined channel on the daily time frame for the past six months. Prices retested the channel. In the previous session, a sharp bounce on the upside was seen. The stock managed to close above its prior day's high after 8 trading sessions despite major indices falling, which highlights increasing bullish sentiments in the stock. However, follow-up price action is needed for confirmation about trend reversal.
We have shown the KST (Know Sure Thing) indicator, which helps to understand the overall momentum in the stock. On the chart, we can clearly see that the KST has just started to trade above the zero line after turning above the signal line, which indicates that momentum has started to build up in the stock. In summary, the current trend for Cholamandalam Holdings looks to be on the positive side. A break above Rs 1,530 levels can lift the prices towards Rs 1,600, followed by Rs 1,670 levels. On the downside, Rs 1,460 levels are the nearest support to watch out for.
Strategy: Buy
Target: Rs 1,600, Rs 1,670
Stop-Loss: Rs 1,460
JSW Steel | CMP: Rs 954.5
JSW Steel is currently witnessing profit booking after a recent rise seen in the stock. Also, the metal sector has been under pressure for the past two sessions, which has had its effects on the stock. On the daily chart, we can see that prices failed to sustain above the upper Bollinger Bands, and now we are seeing a reversal from it after the recent news about imposing a 25% tariff on steel and aluminum imports by US President Trump. For now, a break below the mid bands, which is quoting near Rs 935, will be the first sign of trend reversal on the downside.
In summary, JSW Steel is at a crucial juncture. A break below Rs 935 can result in fresh selling towards Rs 900, followed by Rs 870. On the upside, a break above Rs 975 is a must for buying to resume with targets of Rs 1,005, followed by Rs 1,050 levels.
Strategy: Sell
Target: Rs 900, Rs 870
Stop-Loss: Rs 975
Sikko Industries | CMP: Rs 112.1
Sikko Industries closed 13.11% higher post good quarterly numbers. When all other indices were falling, this stock managed to outperform and hold its gain. On the daily chart, prices were moving in a rectangular range since September 2024, indicating accumulation in the stock. In the previous session, prices finally closed above Rs 111 level, which confirms the breakout of the said pattern. Also, prices bounced from the baseline (Red) of the Ichimoku cloud, which is a positive sign. In summary, the current trend for Sikko Industries is on the side of the bulls. After a sharp rise, buying on dips looks like a prudent strategy, with targets of Rs 121-123. On the downside, support is near Rs 107 levels.
Strategy: Buy
Target: Rs 121, Rs 123
Stop-Loss: Rs 107
Dhupesh Dhameja, Derivatives & Technical Analyst at Samco Securities
Timken India | CMP: Rs 2,818.15
Timken India has achieved a strong breakout from its Falling Wedge formation on the daily chart, signaling a strong bullish reversal, further validated by a positive RSI (Relative Strength Index) divergence. This confluence of signals reinforces a high-conviction breakout, with surging trading volumes confirming strong buying interest. The stock has rebounded from a key support zone that previously triggered a major rally, marking a decisive shift from its downtrend. With a solid base formation near support, bullish momentum is accelerating, hinting at further upside potential. Traders can consider going long at the current price or on dips to Rs 2,770.
Strategy: Buy
Target: Rs 3,020
Stop-Loss: Rs 2,580
CRISIL | CMP: Rs 5,349.2
CRISIL has broken past its descending trendline on the daily chart, confirming a strong bullish setup, further reinforced by a positive RSI divergence. This breakout, backed by high trading volumes, signals renewed buying interest and a price-volume surge. The stock has once again rebounded sharply from its 200-day EMA, a level that previously triggered a strong rally, indicating a trend reversal. Notably, a pin bar candlestick formation at this key support highlights strengthening bullish momentum. Traders may look to go long at the current price or on dips to Rs 5,300.
Strategy: Buy
Target: Rs 6,150
Stop-Loss: Rs 4,800
Redington | CMP: Rs 231.49
Redington has retraced toward the neckline of its base breakout, setting up a high-conviction bullish structure. The RSI above 60 signals strong momentum, while high trading volumes confirm sustained buying interest. Notably, the stock has outperformed the benchmark, holding firm despite broader market weakness—highlighting its relative strength. Currently trading above its 10- and 20-day EMAs and near its 52-week high, Redington remains poised for further upside. Traders can consider long positions at Rs 231.5 or on dips to Rs 225.
Strategy: Buy
Target: Rs 260
Stop-Loss: Rs 213
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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