Trade Spotlight: How should you trade IRCTC, MCX, NBCC, NMDC, Engineers India, Karur Vysya Bank, and others on December 29?

Top Buy Ideas for December 29

Equity benchmarks finished 0.4 percent lower on December 26, with the Nifty 50 declining for the second straight session amid subdued market breadth. A total of 1,763 shares declined, against 1,106 shares that advanced on the NSE. The market may continue to consolidate as long as it trades below last week’s high. Below are some short-term trading ideas to consider:

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

IRCTC | CMP: Rs 705.5

On the weekly chart, Indian Railway Catering and Tourism Corporation (IRCTC) is showing early signs of a trend reversal from a major support zone near Rs 656 and has decisively broken above the down-sloping channel in place since May 2025.

The breakout is accompanied by a meaningful expansion in volumes, validating the move and indicating a fresh influx of market participation. Additionally, the RSI has posted a positive crossover above its reference line, generating a fresh buy signal and reinforcing the bullish outlook.

Strategy: Buy

Target: Rs 750, Rs 780

Stop-Loss: Rs 690

Multi Commodity Exchange of India | CMP: Rs 11,052

On the weekly chart, MCX India is firmly trending within a rising channel, consistently forming higher tops and higher bottoms. With the latest close, it has decisively broken above the multi-month horizontal resistance at Rs 10,517, supported by a strong bullish candlestick.

The stock is trading comfortably above its 20-, 50-, 100-, and 200-day SMAs, reaffirming the strength of the prevailing bullish trend. Momentum remains robust, with the RSI firmly in positive territory above 70, signalling strong upward momentum and sustained buying interest

Strategy: Buy

Target: Rs 11,600, Rs 12,000

Stop-Loss: Rs 10,500

NBCC (India) | CMP: Rs 122.06

After a phase of consolidation, NBCC (India) has decisively broken above the multi-month down-sloping trendline near Rs 120 on a weekly closing basis, signalling a potential trend reversal. The stock has also closed above the upper weekly Bollinger Band, thereby generating a buy signal and indicating strong bullish momentum.

The RSI is firmly placed in positive territory and has crossed above its reference line, triggering a fresh buy signal. Additionally, the RSI has broken above its own downward-sloping trendline, further validating the price breakout and strengthening bullish conviction.

Strategy: Buy

Target: Rs 135, Rs 140

Stop-Loss: Rs 118

Rajesh Bhosale, Technical Analyst at Angel One

Engineers India | CMP: Rs 205.35

Engineers India had been consolidating for the past five months within a descending triangle formation. The recent bullish breakout from this pattern signals a potential strong momentum move in the near term. The breakout is backed by a notable surge in volumes and a strong bullish candle, adding conviction to the move.

Further, the RSI has moved above the 60 mark after a prolonged period, indicating a positive range shift and strengthening momentum. Hence, we recommend buying Engineers India around Rs 205–202.

Strategy: Buy

Target: Rs 220

Stop-Loss: Rs 198

NMDC | CMP: Rs 82.61

Over the past one year, NMDC faced multiple rejections near the Rs 80 level, leading to a prolonged consolidation. Last week, prices decisively broke above this range, confirming a long-term consolidation breakout. The breakout aligns with an inverse head and shoulders formation and is accompanied by a bullish gap, which can be classified as a breakaway gap, thereby enhancing the credibility of the pattern.

Additionally, prices are trading well above key moving averages, reinforcing the overall bullish outlook on the counter. Hence, we recommend buying NMDC around Rs 83–81.

Strategy: Buy

Target: Rs 92

Stop-Loss: Rs 78

Titan Company | CMP: Rs 3,992

Titan Company prices remain in a strong uptrend, consistently forming a higher top–higher bottom structure. After the corrective phase from the mid-November highs, prices have regained positive momentum and have now broken above a multi-month high. This breakout is supported by a sharp surge in volumes along with a bullish candlestick formation, adding conviction to the move.

Additionally, the RSI is holding above the 60 mark across all major time frames, indicating a robust and sustained positive trend in this counter. Hence, we recommend buying Titan around Rs 3,992–3,980, with a stop-loss of Rs 3,900, targeting Rs 4,200.

Anshul Jain, Head of Research at Lakshmishree Investments

Adani Energy Solutions | CMP: Rs 1,015.3

Adani Energy Solutions has followed up its 126-day cup-and-handle breakout with a tight consolidation between Rs 960 and Rs 1,020, forming a constructive base-on-base structure. The compression after the breakout reflects healthy digestion rather than distribution. Both daily and weekly 10- and 20-day moving averages have now caught up and are rising, acting as a strong launchpad beneath price.

Momentum indicators have cooled from overbought conditions and are realigning with the rising averages, improving the risk–reward for the next leg. The pivot for fresh momentum is clearly placed at Rs 1,020. A clean breakout and sustain above this level could propel the stock toward the Rs 1,100 zone initially. Failure to hold the moving average cluster would delay the setup, but the structure remains firmly bullish.

Strategy: Buy

Target: Rs 1,100

Stop-Loss: Rs 970

Biocon | CMP: Rs 395.45

Biocon is resting firmly on its rising 10-, 20-, and 50-week moving averages, which are converging into a strong launchpad zone. Momentum indicators have cooled off, resetting conditions for the next directional move. The first breakout attempt failed to close above the Rs 420 neckline, but the price has since spent five weeks compressing inside that range, forming a tight mini coil at the most mature part of the base. This tight consolidation reflects absorption, not distribution.

Volumes throughout the entire base remain highly accumulative, signalling institutional sponsorship. A decisive breakout and sustain above Rs 420 would unlock an initial move toward Rs 500, while the larger pattern projects a measured target near Rs 700. Risk remains well defined as long as the rising weekly averages continue to hold.

Strategy: Buy

Target: Rs 500

Stop-Loss: Rs 350

Karur Vysya Bank | CMP: Rs 262.8

Karur Vysya Bank has delivered a clean breakout from a well-defined bullish flag on the weekly chart, with the flag resting precisely on the rising 10-week moving average. The consolidation was tight and orderly, reflecting controlled profit-booking rather than distribution. Volumes during the flag remained accumulative, and the breakout itself came with a clear surge in participation, signalling institutional involvement.

Trend strength across time frames remains intact, with higher lows preserved and moving averages acting as dynamic support. The structure offers a favourable risk–reward profile as long as prices hold above the flag base and the 10-week average. Momentum now favours follow-through, with pullbacks likely to attract buyers rather than sellers in the near term.

Strategy: Buy

Target: Rs 299, Rs 325

Stop-Loss: Rs 245