Equity benchmarks saw a consolidation breakout on the lower side, falling nearly half a percent on July 10, with breadth consistently favouring bears. A total of 1,443 shares saw a correction compared to 1,196 shares that gained on the NSE. The market is expected to see further consolidation with a negative bias in the upcoming sessions. Below are some short-term trading ideas to consider:
Mandar Bhojane, Senior Equity Research Analyst at Choice Broking
Prestige Estates Projects | CMP: Rs 1,696.5
Prestige Estates Projects has recently formed a Cup and Handle pattern on the daily chart with strong volume participation, indicating rising bullish interest. A decisive close above Rs 1,750 would confirm the pattern breakout and could open up a fresh upside rally. The immediate support is placed at Rs 1,640, making it a strong accumulation zone for traders looking to enter on dips. The RSI stands at 61.15 and is trending upward, reflecting improving momentum and increasing buying pressure.
Strategy: Buy
Target: Rs 2,000, Rs 2,100
Stop-Loss: Rs 1,580
Sterling and Wilson Renewable Energy | CMP: Rs 336.55
Sterling and Wilson Renewable Energy saw a decisive breakout from a Cup and Handle formation on the daily chart. The move, backed by a noticeable rise in volumes, suggests that bulls are regaining control and a trend shift may already be underway.
Momentum is building, with the RSI at 65.9, trending upward and reflecting growing strength without entering overbought territory. The Rs 320 level stands out as a strong base and could act as a buy-on-dips zone. With the price holding above the breakout zone, sustained momentum could lead to targets of Rs 400 and Rs 420 in the short term.
Strategy: Buy
Target: Rs 400, Rs 420
Stop-Loss: Rs 310
Jay Mehta, Technical Research at JM Financial Services
IndiaMart InterMesh | CMP: Rs 2,586.2
IndiaMart InterMesh has formed an inverse Head-and-Shoulders pattern on the daily chart—a bullish reversal pattern—and it has already given a breakout above the pattern. On June 25, the stock formed a bullish gap, and it is currently retesting this gap while finding support at the 20-day EMA, indicating potential for a continuation of the upward trend. A move above Rs 2,661 could accelerate the bullish momentum.
Strategy: Buy
Target: Rs 2,750, Rs 2,980
Stop-Loss: Rs 2,387
Ingersoll Rand (India) | CMP: Rs 4,178.9
Ingersoll Rand (India) has broken above a trendline resistance in place since the high of November 26, 2024. After three unsuccessful attempts this week, marked by consolidative spinning top candlestick patterns, it achieved a breakout today with positive volume confirmation, signaling potential for further upside. Momentum indicators are exhibiting strong bullish strength.
Strategy: Buy
Target: Rs 4,350, Rs 4,450
Stop-Loss: Rs 3,990
JSW Energy | CMP: Rs 530.55
JSW Energy has broken out of a triangular consolidation pattern on the daily chart, accompanied by a surge in positive volume. The stock has found support near its 20-day and 50-day EMAs, confirming bullish strength. A move above Rs 545 could further fuel the upward momentum. The momentum indicator is in a bullish zone, with a positive crossover signaling growing bullish strength.
Strategy: Buy
Target: Rs 578, Rs 600
Stop-Loss: Rs 509
Dhupesh Dhameja, Derivatives Research Analyst at Samco Securities
Premier Energies | CMP: Rs 1,115.8
Premier Energies is on the verge of a breakout from a classic Cup and Handle formation, signaling a potential reversal of its prior downtrend and laying the groundwork for the next leg of upward momentum. The pattern is accompanied by a notable surge in volumes, confirming the breakout.
Interestingly, volume participation remained muted during the pattern formation—an ideal setup often seen before a sharp price-volume expansion—which now reflects renewed investor interest. The stock is trading firmly above its 20-day EMA, and the daily RSI has climbed above 60, reinforcing the bullish momentum. These technical indicators suggest growing strength and support the likelihood of a sustained rally. Traders may consider initiating long positions at the current market price or on dips toward Rs 1,105.
Strategy: Buy
Target: Rs 1,255
Stop-Loss: Rs 1,030
EID Parry India | CMP: Rs 1,109.8
EID Parry India is displaying impressive relative strength, outperforming the benchmark index and trading near its record high. The stock has confirmed a breakout from a classic Flag and Pole continuation pattern, signaling the potential for a further rally into uncharted territory.
The breakout is validated by a sharp surge in trading volumes following a period of subdued activity during the pattern formation—an ideal setup that often precedes significant price expansion. This volume-price action suggests renewed buying interest and strengthening bullish sentiment.
Technically, the stock is comfortably trading above its upward-sloping 20-day EMA, while the daily RSI continues to hold above the 60 mark, reinforcing the ongoing momentum and increasing the probability of sustained upside. Traders may consider entering long positions at the current market price or on dips toward Rs 1,095.
Strategy: Buy
Target: Rs 1,200
Stop-Loss: Rs 1,054
Adani Power | CMP: Rs 605.8
Adani Power has decisively broken out of an ascending triangle pattern, marking a key technical shift as the stock exits its accumulation phase and trades well above its neckline. This breakout also signals early signs of a reversal from its prolonged downtrend, suggesting the potential beginning of a fresh markup phase.
The move is backed by a notable surge in trading volumes, following a period of subdued participation during the pattern formation—a classic setup that often precedes sharp price expansion. The strong volume confirms renewed buying interest and builds a solid foundation for sustained upward momentum.
From a technical perspective, the daily RSI has sustained above the 60 mark for the first time in nearly a year, further validating the bullish reversal and increasing confidence in a continued rally. The stock is now well-positioned for a strong uptrend in the sessions ahead. Traders may consider initiating long positions at the current market price or on dips toward Rs 598.
Strategy: Buy
Target: Rs 680
Stop-Loss: Rs 560
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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