The benchmark indices closed moderately lower on profit-booking on November 28, with slight weakness in market breadth. About 1,504 shares declined against 1,325 advancing shares on the NSE. The trend is expected to remain in favour of the bulls despite consolidation. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Lupin | CMP: Rs 2,082.2
On the daily and weekly timeframes, Lupin has experienced a trend reversal, forming higher tops and bottoms. The weekly price action has confirmed a triangular pattern formation, indicating a positive bias. The past three weeks' rising volumes indicate increased participation.
The stock is well placed above its 20-, 50-, 100- and 200-day SMAs, and these averages are also inching up along with rising prices, which reconfirms a bullish trend. The daily, weekly, and monthly strength indicator RSI indicates rising strength.
Strategy: Buy
Target: Rs 2,160, Rs 2,230
Stop-Loss: Rs 2,040
IIFL Finance | CMP: Rs 578.7
On the weekly chart, IIFL Finance has confirmed a “multiple resistance zone” breakout at Rs 540 levels and has been sustaining above the same. This indicates bullish sentiment. The daily, weekly, and monthly strength indicator RSI indicates rising strength.
The daily and weekly Bollinger Band buy signals signify increased momentum. The stock is well placed above its 20-, 50-, 100- and 200-day SMAs, and these averages are also inching up along with rising prices, which reconfirms a bullish trend.
Strategy: Buy
Target: Rs 605, Rs 620
Stop-Loss: Rs 565
Reliance Industries | CMP: Rs 1,567.5
On the weekly chart, Reliance Industries has decisively surpassed multiple resistance zones of Rs 1,550 levels on a closing basis. This breakout is accompanied by high volumes, indicating increased participation.
The stock is well placed above its 20-, 50-, 100- and 200-day SMAs, and these averages are also inching up along with rising prices, which reconfirms a bullish trend.
Strategy: Buy
Target: Rs 1,650, Rs 1,780
Stop-Loss: Rs 1,550
Rajesh Bhosale, Technical Analyst at Angel One
Adani Ports and Special Economic Zone | CMP: Rs 1,516.9
In mid-October, Adani Ports confirmed a long-term consolidation breakout from an Inverse Head and Shoulders pattern. Following the breakout, prices moved sideways in line with broader market sentiment. However, with benchmark indices now printing fresh record highs, the stock has regained momentum, registered a new high of its own, and entered uncharted territory.
The trend remains firmly bullish, with every minor dip finding support near the 20-DEMA. Momentum oscillators are aligned with the price action, further reinforcing the strength of the trend. Overall, the outlook remains positive and the stock is likely to maintain its upward trajectory. Hence, we recommend buying Adani Ports around Rs 1,516–1,510.
Strategy: Buy
Target: Rs 1,600
Stop-Loss: Rs 1,470
Max Financial Services | CMP: Rs 1,702.1
Max Financial Services has been in a strong long-term uptrend; however, the last five months saw a healthy consolidation phase. Last week, prices broke above the recent upper range, confirming a continuation breakout in the form of a “Flag pattern” on the monthly chart. The breakout is supported by a noticeable rise in volumes and the formation of a bullish candlestick pattern known as an “Open-Low Marubozu,” indicating strong buyer dominance.
Further strengthening the setup, the RSI is trading above the 60 mark across major timeframes, signalling robust momentum. Overall, this technical alignment points towards a continuation of the prevailing uptrend. Hence, we recommend buying Max Financial Services around Rs 1,702–1,690.
Strategy: Buy
Target: Rs 1,820
Stop-Loss: Rs 1,640
Mahindra and Mahindra | CMP: Rs 3,757.3
Auto stocks remained in focus throughout last week, and Mahindra and Mahindra, too, witnessed a notable surge on Friday, bouncing sharply from its 20-DEMA and registering its highest-ever closing level. On the daily chart, the stock has confirmed a range breakout, signalling a clear resumption of the uptrend.
Prices are comfortably positioned above key moving averages, while momentum oscillators remain positively aligned, validating the bullish bias. With a top-down approach and continued strength in the broader auto sector, we expect this stock to sustain its outperformance in the near term. Hence, we recommend buying M&M around Rs 3,757–3,750.
Strategy: Buy
Target: Rs 3,900
Stop-Loss: Rs 3,690
Anshul Jain, Head of Research at Lakshmishree Investments
SMS Pharmaceuticals | CMP: Rs 319.2
SMS Pharma has broken out of a 260-day bullish cup-and-handle pattern with volume exploding to more than 20 times the 5-day average, confirming strong institutional interest. Weekly charts show five tight closes, signalling that the latest surge is the start of fresh momentum.
Moving averages across daily, weekly, and monthly timeframes are aligned and acting as a steady launchpad, reinforcing trend strength. A sustained move above Rs 322 should drive the stock toward Rs 375, and follow-through beyond that zone can lift it toward Rs 399. The structure remains firmly bullish with rising support and improving volumes.
Strategy: Buy
Target: Rs 399
Stop-Loss: Rs 280
Patel Retail | CMP: Rs 259.8
Patel Retail is forming a bullish 60-day IPO base on daily charts, with rising volume on the right side from Rs 220 to Rs 260 showing buyers have regained control. The steady accumulation after listing indicates smart money is active at discounted levels. Volume patterns in the base remain constructive and point to strong participation ahead of a potential breakout.
A move above Rs 265 would confirm the IPO base breakout and set the stage for an initial rally toward Rs 299. Sustained strength above that zone could extend the move toward Rs 310, aligning with the broader breakout target in the near term.
Strategy: Buy
Target: Rs 310
Stop-Loss: Rs 220
Arfin India | CMP: Rs 57.77
Arfin delivered a sharp rally after a 35-day IPO base breakout and is now forming a clean second base that resembles a flat base. The past 13 sessions show price tightening as it catches up with the 10- and 20-day EMAs. A sharp shakeout has already cleared weak hands, and the last four candles have formed tight closes with a higher low, signalling that pressure is rebuilding.
Both key EMAs are now positioned to act as a propeller for the next leg. A breakout above Rs 58.5 would confirm strength and can drive an initial move toward the Rs 75 zone.
Strategy: Buy
Target: Rs 75
Stop-Loss: Rs 49
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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