The benchmark indices rebounded after a two-day correction, with the Nifty 50 rising 81 points on May 29. Market breadth was slightly in favour of the bulls, as about 1,334 shares advanced compared to 1,243 shares that declined on the NSE. The market decisively needs to break the trading range of the May 15 session to establish a firm direction. Below are some short-term trading ideas to consider:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Jindal Stainless | CMP: Rs 669.2
Jindal Stainless has recently witnessed a breakout from its daily range as well as a falling trendline, supported by strong volumes—signaling a bullish reversal. The stock is currently trading above the breakout zone, and if it manages to sustain above Rs 670, it is poised for a fresh upward move. A successful follow-through could open the door for near-term targets of Rs 740 and Rs 750.
On the downside, the Rs 650 level will act as strong support, and any dip toward this zone can be viewed as a buying opportunity. Technically, the stock is trading above all key exponential moving averages (20, 50, 100, and 200 EMA), indicating strong trend alignment. Moreover, price consolidation just below the breakout level before the move suggests healthy accumulation and confirms bullish strength.
Momentum indicators further support the positive outlook. The RSI is at 66.35, highlighting strong momentum, while the Stochastic RSI has given a positive crossover—reinforcing the bullish bias. For prudent risk management, traders may consider placing a stop-loss at Rs 635 to protect against any unexpected downside.
Strategy: Buy
Target: Rs 740, Rs 750
Stop-Loss: Rs 635
Brigade Enterprises | CMP: Rs 1,108.6
Brigade Enterprises has recently broken out of a falling trendline while simultaneously taking support at the 200 EMA — indicating a strong trend reversal setup. The stock has formed a bullish candle with significant volume, highlighting strong buying interest and confirming the breakout's credibility. If the price manages to close above Rs 1,110, it could trigger a fresh upward move toward targets of Rs 1,230 and Rs 1,240 in the near term.
On the downside, Rs 1,085 — aligned with the 200 EMA — will act as immediate support. Any dip toward this level can be considered a buying opportunity for traders looking to enter on retracements. The overall structure suggests a healthy pullback followed by a continuation of the uptrend.
Momentum indicators further validate the bullish outlook. The Relative Strength Index (RSI) stands at 61.85, indicating positive momentum with room for further upside. The Stochastic RSI has shown a positive crossover, signaling a potential continuation of the bullish trend. For prudent risk management, a stop-loss at Rs 1,050 is advised.
Strategy: Buy
Target: Rs 1,230, Rs 1,240
Stop-Loss: Rs 1,050
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
Cummins India | CMP: Rs 3,169.4
Cummins India has given a breakout from a consolidation zone, marked by a massive bullish candle accompanied by a sharp surge in volume, which validates the breakout strength. The stock has moved above its 200-day exponential moving average (200 DEMA), a critical long-term trend indicator, indicating a potential trend reversal. Additionally, the RSI is on a rising trajectory, reflecting strengthening bullish momentum and supporting the continuation of the upward move.
Strategy: Buy
Target: Rs 3,355
Stop-Loss: Rs 3,075
DLF | CMP: Rs 793.75
DLF has formed a bullish flag and pole pattern on the daily chart, which is a classical continuation pattern indicating a pause and strength within an ongoing uptrend. The consolidation within the flag was narrow and orderly, and the price is now poised for a fresh breakout above the flag resistance.
Furthermore, the stock is on the verge of a golden crossover, where the 50-day moving average is about to cross above the 200-day moving average — a long-term bullish signal that could attract further buying interest. Also, the ADX (Average Directional Index) line is rising, indicating that the current uptrend has strong momentum and is likely to sustain, making it an ideal time to ride the trend.
Strategy: Buy
Target: Rs 844
Stop-Loss: Rs 770
Om Mehra, Technical Research Analyst at Samco Securities
Trent | CMP: Rs 5,657
Trent has been steadily gaining strength, following the path of higher highs and higher lows, which reflects a progressive uptrend. The stock is inching closer to a breakout from its recent congestion zone. The price action remains well-supported above the 20-day and 50-day SMAs, and the Supertrend indicator has flipped into buy mode, indicating renewed bullish alignment.
The rising slope of the RSI at 60 suggests strengthening momentum without signs of exhaustion. Volume remains stable and is gradually rising. A move beyond Rs 5,700 may unlock further upside, potentially retesting previous swing highs and marking a continuation of the ongoing up-move.
Hence, based on the above technical structure, one can initiate a long position in Trent at the CMP of Rs 5,657 for an upside target of Rs 6,080. The stop-loss can be placed at Rs 5,470.
Strategy: Buy
Target: Rs 6,080
Stop-Loss: Rs 5,470
Oil India | CMP: Rs 444.25
Oil India has witnessed a strong breakout above a rising trendline and key resistance zone around Rs 436, supported by a wide bullish candle. This breakout comes after a steady sequence of higher highs and higher lows, indicating accumulation and strong price strength. The stock is now trading firmly above its 20- and 50-EMA, with volume expanding notably on the breakout day, confirming participation.
The RSI stands at 69, and its strong upward slope reflects sustained momentum. The MACD has shown a bullish crossover, with the fast line comfortably above the signal line and the histogram expanding on the positive side, suggesting a continuation of the bullish phase.
Hence, based on the above technical structure, one can initiate a long position in Oil India at the CMP of Rs 444.25.
Strategy: Buy
Target: Rs 477
Stop-Loss: Rs 429
One 97 Communications | CMP: Rs 877.1
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One 97 Communications (Paytm) has broken out of a short-term consolidation pattern after forming a bullish candle and closing near the day’s high. The breakout comes from a falling trendline resistance that had held for several sessions, and the move was supported by healthy volume, indicating fresh buying interest. The price is now trading above the 20- and 50-EMA, reaffirming the strength.
The RSI stands at 55 and has turned upward after consolidating near the median line, reflecting improving momentum. The MACD is on the verge of a positive crossover, with the histogram gradually turning green. A double bottom formation provides additional confirmation of a bullish outlook.
Hence, based on the above technical structure, one can initiate a long position in Paytm at the CMP of Rs 877.10.
Strategy: Buy
Target: Rs 918
Stop-Loss: Rs 848
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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