The benchmark Nifty 50 ended higher for another session on August 22, with about 1,460 shares advancing and 918 shares declining on the NSE. The market is expected to remain in positive territory amid consolidation. Here are some trading ideas for the near term:
Amol Athawale, VP-Technical Research at Kotak Securities
Dalmia Bharat | CMP: Rs 1,799.4
After declining from higher levels, Dalmia Bharat rebounded from its demand zone and witnessed a steady recovery from the lower levels. Additionally, on the weekly charts, the counter has given a breakout from its sloping trendline. The gradual upward movement in the counter suggests a new leg of the bullish trend from the current levels
Strategy: Buy
Target: Rs 1,930
Stop-Loss: Rs 1,730
SRF | CMP: Rs 2,533
After a strong up move, SRF is trading in a symmetrical triangle chart formation on the daily scale, which clearly suggests bullish momentum is likely to remain in the short term. In addition, the stock has formed a higher bottom formation, indicating good strength in the stock for a fresh breakout move in the coming horizon.
Strategy: Buy
Target: Rs 2,710
Stop-Loss: Rs 2,440
Tata Communications | CMP: Rs 1,919
After its short-term correction, Tata Communications has rebounded from its important support zone on the daily scale. Furthermore, the counter is in a rising channel chart formation with a higher low series pattern. Moreover, the technical indicator ADX (Average Directional Index) is also indicating a further uptrend from current levels, which could boost bullish momentum in the near future.
Strategy: Buy
Target: Rs 2,050
Stop-Loss: Rs 1,850
Mandar Bhojane, Equity Research Analyst at Choice Broking
InterGlobe Aviation | CMP: Rs 4,483
InterGlobe Aviation (IndiGo) is showing signs of a potential breakout from an ascending triangle pattern, accompanied by a significant increase in trading volume. This suggests possible bullish momentum for the stock. If the price manages to close above the Rs 4,500 level, it could potentially reach short-term targets of Rs 4,800 and Rs 5,000. On the downside, immediate support is located at Rs 4,330, which can be considered an opportunity to buy on dips. The Relative Strength Index (RSI) is currently at 61.70 and trending upward, indicating increasing buying momentum.
Strategy: Buy
Target: Rs 4,800, Rs 5,000
Stop-Loss: Rs 4,200
Tata Consumer Products | CMP: Rs 1,205.8
Tata Consumer Products is forming a Cup and Handle pattern and has also broken out of a falling trendline on the daily chart, accompanied by a significant increase in trading volume. This suggests a potential breakout. If the price manages to close above the Rs 1,210 level, it could potentially reach short-term targets of Rs 1,400 and Rs 1,450. On the downside, immediate support levels are located at Rs 1,140, which could be considered buying opportunities on dips. The RSI currently stands at 58.37 and is trending upward, indicating increasing buying momentum.
Strategy: Buy
Target: Rs 1,400, Rs 1,450
Stop-Loss: Rs 1,100
ICICI Bank | CMP: Rs 1,191
ICICI Bank has been consolidating near a rising trendline and is showing signs of a potential reversal from support on the daily chart. This is accompanied by a significant increase in trading volume, which suggests a possible bullish reversal. If the price manages to close above the Rs 1,200 level, it could potentially reach short-term targets of Rs 1,250 and Rs 1,280. On the downside, immediate support levels are located at Rs 1,150, which could present buying opportunities on dips. The RSI is currently at 51.3 and trending upward, indicating increasing buying momentum.
Strategy: Buy
Target: Rs 1,250, Rs 1,280
Stop-Loss: Rs 1,130
Chandan Taparia, Head - Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services
TVS Motor Company | CMP: Rs 2,706
TVS Motor Company has given a trendline breakout on the daily chart and has been on a steady uptrend since, with the most recent candle being a large bullish candlestick. The MACD (Moving Average Convergence Divergence) indicator is heading upwards, which suggests bullish momentum.
Strategy: Buy
Target: Rs 2,880
Stop-Loss: Rs 2,620
Mahindra & Mahindra Financial Services | CMP: Rs 313.7
Mahindra & Mahindra Financial Services has broken out of a consolidation zone on the daily and weekly charts with higher-than-average buying volumes. A large, real-bodied bullish candle has breached the upper band of the Bollinger Bands, indicating a buy signal.
Strategy: Buy
Target: Rs 333
Stop-Loss: Rs 303
Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio
Doms Industries | CMP: Rs 2,428.35
On the daily chart, Doms Industries reveals a Flag and Pole pattern, confirming a breakout with decent volume, signaling buyer dominance. The strong closing near the high reflects positive sentiment and price action. Support from the Fast (21) and Slow (50) EMAs suggests a stable foundation for the upcoming days. Trading above the EMAs (Exponential Moving Averages) indicates a positive trend.
Strategy: Buy
Target: Rs 2,600
Stop-Loss: Rs 2,367
Mrs Bectors Food Specialities | CMP: Rs 1,526
Mrs. Bectors Food Specialities has formed a candlestick pattern named "Three White Soldiers" on the weekly timeframe, indicating bullish sentiment. The price is trading above all the EMAs, indicating bullishness. The momentum indicator RSI is moving in the northern direction, supporting the price.
Strategy: Buy
Target: Rs 1,610
Stop-Loss: Rs 1,483
JOCIL | CMP: Rs 222.96
On the daily chart, JOCIL indicates a Cup & Handle pattern, confirming a breakout and indicating the dominance of buyers with an increase in the volume bar. At the moment, the counter's closing above the resistance zone reflects a positive trend. Support at the 20 EMA points to a bullish base for the next few days. The RSI is indicating momentum by hovering in the northern direction.
Strategy: Buy
Target: Rs 250
Stop-Loss: Rs Rs 208
Oriental Hotels | CMP: Rs 146.50
After a remarkable upside, Oriental Hotels had taken a breather for the last few trading sessions. The price-wise correction was suggesting a healthy sign. On Thursday, a breakout of the downward falling trendline was seen, suggesting a continuation of the uptrend. Moreover, the stock is trading above its short-term moving averages, and on the momentum front, RSI (14) is now moving towards upward territory, which is supporting the price trend.
Strategy: Buy
Target: Rs 160
Stop-Loss: Rs 139.50
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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