The market closed a rangebound session with moderate gains, recording a new high on a closing basis on July 4. The Nifty 50 hit a fresh all-time high of 24,401. About 1,276 shares advanced, and 1,073 shares declined on the NSE. The decisive close above 24,400 is likely to be crucial for a further uptrend, while the bears may turn strong if the index breaks 24,200. Here are some trading ideas for the near term:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Lupin | CMP: Rs 1,759
Lupin has recently seen a breakout of range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 1,770 level, it may have the potential to reach short-term targets of Rs 1,900 and Rs 2,000. On the other hand, the immediate support level is located at Rs 1,600. These levels can be considered as opportunities to buy on dips. The Relative Strength Index (RSI) currently stands at 67.25 and is trending upward, indicating increasing buying momentum. It is advisable to set a stop-loss at Rs 1,550.
Strategy: Buy
Target: Rs 1,900, Rs 2,000
Stop-Loss: Rs 1,550
Advanced Enzyme Technologies | CMP: Rs 398.7
Advanced Enzyme has recently formed a Cup and Handle chart pattern on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 405 level, it may have the potential to reach short-term targets of Rs 500 and Rs 580. On the other hand, the immediate support level is located at Rs 360. These levels can be considered as opportunities to buy on dips. The RSI currently stands at 59.35 and is trending upward, indicating increasing buying momentum. It is advisable to set a stop-loss at Rs 340.
Strategy: Buy
Target: Rs 500, Rs 580
Stop-Loss: Rs 340
RITES | CMP: Rs 747.7
RITES has recently seen a breakout of a symmetrical triangle on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 750 level, it may have the potential to reach short-term targets of Rs 900 and Rs 987. On the other hand, the immediate support level is located at Rs 680. These levels can be considered as opportunities to buy on dips. The RSI currently stands at 65 and is trending upward, indicating increasing buying momentum. It is advisable to set a stop-loss at Rs 650.
Strategy: Buy
Target: Rs 900, Rs 987
Stop-Loss: Rs 650
Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services
ICICI Bank | CMP: Rs 1,233
ICICI Bank has been forming a higher top - higher bottom on the weekly scale and supports are gradually shifting higher. It has given a six-day consolidation breakout and is set for the next leg of the rally towards the Rs 1,310 zone.
Strategy: Buy
Target: Rs 1,310
Stop-Loss: Rs 1,195
Granules India | CMP: Rs 514
Granules has retested the previous breakout of the Rs 485 zone and turned higher. We have seen buying interest in the pharma sector, and Granules looks quite promising at current levels.
Strategy: Buy
Target: Rs 545
Stop-Loss: Rs 500
Sun Pharmaceutical Industries | CMP: Rs 1,558
Sun Pharma has given a consolidation breakout of the last 50 trading sessions and is holding well above the 50 DEMA (Days Exponential Moving Average).
Strategy: Buy
Target: Rs 1,640
Stop-Loss: Rs 1,510
Amol Athawale, VP-Technical Research at Kotak Securities
Fortis Healthcare | CMP: Rs 468
From the last couple of weeks, Fortis Healthcare has consistently been facing selling pressure at higher levels. However, the medium-term texture of the stock is still positive. After a short-term correction, the stock took support near the 50-day SMA (Simple Moving Average) and bounced back sharply. We believe that the stock completed one leg of correction, and the short-term texture indicates a strong possibility of a fresh uptrend rally from the current levels. For traders now, Rs 454 would be the sacrosanct support zone. Above this level, the stock is likely to retest Rs 500. Further upside may also continue, lifting the stock up to Rs 510.
Strategy: Buy
Target: Rs 500, Rs 510
Stop-Loss: Rs 454
Zomato | CMP: Rs 207
On daily charts, Zomato is consistently holding a higher high and higher low formation, which is largely positive. After a promising uptrend rally, Zomato is currently witnessing positive consolidation near an important breakout level. Technically, the stock is in a strong uptrend wave, and for trend-following traders, Rs 200 would act as a trend decider level. We believe that unless it is trading below Rs 200, positional traders should retain an optimistic stance and look for a target of Rs 220-225. Fresh buying can be considered now and on dips, if any, between Rs 208 and Rs 205 levels with a stop-loss below Rs 200.
Strategy: Buy
Target: Rs 220, Rs 225
Stop-Loss: Rs 200
Mitesh Karwa, Research Analyst at Bonanza Portfolio
Firstsource Solutions | CMP: Rs 232.6
On the weekly time frame, Firstsource Solutions has given a breakout of a bullish Head and Shoulder pattern and made a big body bullish candlestick indicating bullish strength. On the indicator front, the stock is sustaining comfortably above all its important EMAs and Ichimoku Cloud support indicates strength on the upside. The momentum indicator RSI is hovering towards the overbought zone, showing strong buying interest in the script.
Strategy: Buy
Target: Rs 262
Stop-Loss: Rs 217
Dr Lal Pathlabs | CMP: Rs 2,907
On the monthly timeframe, Dr Lal Pathlabs seems to be breaking out of a Head and Shoulder pattern with a bullish candlestick and above-average volumes, indicating buyers have been actively accumulating shares, pushing the script above the hurdle mark. The recent positivity confirms the dominance of buyers, resulting in the breakout, suggesting the potential for further upward movement. Additionally, the stock is currently trading above significant moving averages, supporting the bullish momentum, and the RSI is trending upwards, reinforcing the positive outlook for the stock.
Strategy: Buy
Target: Rs 3,250
Stop-Loss: Rs 2,700
Nocil | CMP: Rs 302.65
Nocil seems to be breaking out of a broad consolidation range after almost two years with a bullish candlestick and above-average volumes on the weekly timeframe, indicating a bullish uptrend. The burst in volume during the last three weeks suggests increased buying interest, further reinforcing the positive outlook. The price is trading above major EMAs, indicating an uptrend. Additionally, the momentum indicator RSI, after a cool-off, has started moving in the northern direction, confirming the strength of the current trend and implying the potential for further price appreciation.
Strategy: Buy
Target: Rs 335
Stop-Loss: Rs 285
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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