The market closed off its record high, falling marginally amid volatility on July 2 but still held on to 24,100 on the Nifty 50 for another session. About 1,195 shares advanced, while 1,161 shares declined on the NSE. The Nifty 50 is likely to consolidate with immediate resistance at 24,200 and support at 24,000. Here are some trading ideas for the near term:
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Jyothy Labs | CMP: Rs 477.25
During the last trading session on Tuesday, Jyothy Labs experienced a rise of nearly 6 percent and ended the day with a strong bullish candle. On the daily chart, the stock continued to consolidate within a wider range of Rs 478-385. A decisive breakout above Rs 478 is necessary for fresh buying to emerge. Additionally, Parabolic SAR (Stop and Reverse) dots have just started to form below the price, suggesting a trend change. Recently, MACD (Moving Average Convergence Divergence) has also shown a positive crossover. Volumes are also picking up, which is a good sign. In short, the trend for Jyothy Labs is positive. A break above Rs 478 can lift the price higher towards Rs 500-520 as long as Rs 450 holds on the downside.
Strategy: Buy
Target: Rs 500, Rs 520
Stop-Loss: Rs 450
NLC India | CMP: Rs 257.65
NLC India formed a large bullish candle on Tuesday with huge volumes and closed with a notable gain of 5.53 percent. On the daily chart, the stock finally gave a breakout above the previous swing high near Rs 250 levels and also closed above it. The next hurdle for this stock is near Rs 262 levels. A clear breakout above it is necessary for bullish momentum to continue. Additionally, KST (Know Sure Thing) is trading above the zero-line following a crossover, indicating that this stock is likely to maintain strong momentum. In short, the trend for this stock is positive. A break above Rs 262 can lift the price higher towards Rs 280, followed by Rs 295 levels, as long as Rs 240 remains protected on the downside.
Strategy: Buy
Target: Rs 280, Rs 295
Stop-Loss: Rs 240
Fine Organics Industries | CMP: Rs 5,231.45
Fine Organics continued to move up, closing with 2.33 percent gains on Tuesday. It also closed above the previous day’s high, maintaining a positive tone as long as we do not see a close below the previous day’s low. On the daily chart, prices formed a bullish candle on Tuesday. The stock closed above Rs 5,140 levels, confirming a breakout of the Rounding Bottom pattern. Additionally, ADX (Average Directional Index) supports the trend, showing readings above 25 at 49 levels, suggesting good momentum is likely to continue. In short, the trend for this stock is positive. Use dips towards Rs 5,130-5,180 as a buying opportunity for a move towards Rs 5,700-5,750 levels, as long as Rs 4,930 holds on the downside.
Strategy: Buy
Target: Rs 5,700, Rs 5,750
Stop-Loss: Rs 4,930
Riyank Arora, Technical Analyst at Mehta Equities
ACC | CMP: Rs 2,772.25
ACC has given a good breakout above its recent swing high resistance mark of Rs 2,746.40 and successfully closed above it. The RSI (Relative Strength Index 14) on its daily time frame charts is around 65.59, signaling strong momentum. With the stock witnessing a good surge in volume—nearly three times its average (30-day) volume—along with a decisive breakout from its recent swing high resistance mark, we advise traders and investors to buy with a strict stop-loss of Rs 2,700 for a potential target of Rs 3,000 and above.
Strategy: Buy
Target: Rs 3,000
Stop-Loss: Rs 2,700
Tarc | CMP: Rs 208
Tarc (earlier known as Anant Raj Global) has given a strong breakout above its recent swing high resistance mark of Rs 204.80 and successfully closed above it. The RSI (14) on the daily charts, around 69.49, shows strong momentum pickup in the stock. With volume surging to almost four times its average (30-day) traded volume, the stock looks set for an upside move towards Rs 250 and above. A strict stop-loss should be set at Rs 185 to manage risk effectively.
Strategy: Buy
Target: Rs 250
Stop-Loss: Rs 185
Marico | CMP: Rs 603
Marico has given a good breakdown below its recent swing low support mark of Rs 607 and successfully closed below it. With volume surging to almost equivalent to its average (30-day) volume and the stock showing strong signs of bearishness, it is expected to eventually reach a potential target of Rs 560 and below. A strict stop-loss is advised at Rs 630 to manage risk effectively in this short setup.
Strategy: Sell
Target: Rs 560
Stop-Loss: Rs 630
PVR INOX | CMP: Rs 1,470.25
PVR INOX has given a good retest to the breakout level of Rs 1,470 and is holding well above it. The stock has good support around the Rs 1,450 level, which should serve as a major support. The RSI (14) on the daily charts, around 61.88, shows good momentum, and the volume being equivalent to its average (30-day) traded volume indicates bullishness. A strict stop-loss can be set at Rs 1,419 to manage risk effectively for a potential upside target of Rs 1,550 and above.
Strategy: Buy
Target: Rs 1,550
Stop-Loss: Rs 1,419
Om Mehra, Technical Analyst at Samco Securities
Astral | CMP: Rs 2,416.75
Astral continued its bullish momentum, surpassing the immediate resistance at Rs 2,352 levels. The strong base is placed around the Rs 2,300 level. The contraction of the Bollinger Bands indicates reduced volatility, potentially setting the stage for a breakout above the Rs 2,350 level, which might push the stock higher. Hence, based on this technical structure, one can initiate a long position at CMP Rs 2,416.75 for a target price of Rs 2,650. The stop-loss can be kept at Rs 2,270.
Strategy: Buy
Target: Rs 2,650
Stop-Loss: Rs 2,270
Aditya Birla Fashion and Retail | CMP: Rs 329.55
Aditya Birla Fashion is forming higher highs and higher lows, indicating a sustained uptrend. The stock is well above its short-term 20 (DMA) moving averages. The RSI comfortably holding at 63 levels is gradually inching higher, indicating strength in the stock. Double bottom pattern formation on the daily chart confirms a bullish setup. Hence, based on this technical structure, one can initiate a long position at CMP Rs 329.55 for a target price of Rs 365. The stop-loss can be kept at Rs 310.
Strategy: Buy
Target: Rs 365
Stop-Loss: Rs 310
IRCTC | CMP: Rs 1,006.6
After a significant correction, Indian Railway Catering & Tourism Corporation (IRCTC) consolidates with a strong base forming around Rs 980 levels. The daily RSI stands at 48, recently moving above its average, indicating potential upward momentum. Additionally, there have been above-average volumes in the last two days, suggesting heightened interest and possible accumulation at current levels. Hence, based on this technical structure, one can initiate a long position at CMP Rs 1,006.6 for a target price of Rs 1,100. The stop-loss can be kept at Rs 945.
Strategy: Buy
Target: Rs 1,100
Stop-Loss: Rs 945
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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