Bears gained more strength on December 19, driving the benchmark indices down by 1 percent with negative market breadth. A total of 1,605 shares declined, while 908 shares advanced on the NSE. After the significant weakness over the last four days, the market may see consolidative and rangebound trading with a slightly negative bias. Below are some trading ideas for the near term:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Lupin | CMP: Rs 2,162.85
Lupin has broken out of a falling trendline, signaling strong bullish momentum. This breakout, supported by a significant rise in trading volume, indicates growing investor interest. A decisive close above the Rs 2,165 level could pave the way for short-term targets of Rs 2,400 and Rs 2,450, offering a promising opportunity for traders aiming to capitalize on upward price movement. On the downside, immediate support is identified at Rs 2,100, providing an opportunity to buy on dips. The Relative Strength Index (RSI) is at 58.34 and trending upward, reflecting increasing buying pressure and strengthening momentum.
Strategy: Buy
Target: Rs 2,400, Rs 2,450
Stop-Loss: Rs 2,038
Tube Investments of India | CMP: Rs 3,791.4
Tube Investments of India is exhibiting strong bullish momentum following a breakout from its recent daily range. This upward move, accompanied by a notable increase in trading volume, reflects heightened investor interest. A decisive close above the Rs 3,795 level would strengthen the bullish case, potentially driving the stock toward short-term targets of Rs 4,100 and Rs 4,150. On the downside, the Rs 3,700 level serves as immediate support, providing an attractive opportunity for traders looking to buy on dips. The RSI is currently at 53.51 and moving upward, suggesting increased buying pressure and a positive shift in market sentiment. These technical indicators highlight the stock’s potential to sustain its upward momentum.
Strategy: Buy
Target: Rs 4,100, Rs 4,150
Stop-Loss: Rs 3,565
HEG | CMP: Rs 567.85
HEG has broken out of a Cup-and-Handle pattern on the weekly chart, a classic bullish formation that signals robust momentum. This breakout, supported by increased trading volume, indicates heightened investor interest and suggests the potential for further gains. The stock is currently consolidating above the breakout level, hinting at the possibility of a fresh upward move. A decisive close above Rs 570 could unlock short-term targets of Rs 650 and Rs 700, presenting an attractive opportunity for traders.
On the downside, immediate support is seen at Rs 550, offering a favourable entry point for those looking to buy on dips. The RSI stands at 63.19 and is trending upward, signifying strong buying pressure and a positive market outlook. The combination of these technical indicators supports the bullish sentiment for HEG in the near term.
Strategy: Buy
Target: Rs 650, Rs 700
Stop-Loss: Rs 538
Drumil vithlani, Technical Research Analyst at Bonanza
Tamil Nadu Newsprint & Papers | CMP: Rs 202
TNPL has exhibited a strong bullish setup on the daily timeframe. The stock recently broke out of a Cup-and-Handle pattern. In Thursday’s session, the stock witnessed a sharp upward move, closing significantly higher. This price action was accompanied by higher volumes on buying days compared to selling days, underscoring strong buying interest and active participation from market players. The technical breakout, combined with favourable volume dynamics and the bounce from key Fibonacci support, indicates the continuation of the uptrend in the sessions to come.
Strategy: Buy
Target: Rs 216
Stop-Loss: Rs 192
Mankind Pharma | CMP: Rs 2,891
Mankind Pharma has exhibited a significant bullish breakout from an Adam & Eve pattern on the daily chart, indicating robust accumulation at higher levels. This breakout underscores the continuation of the prevailing uptrend in the stock. The breakout is supported by a significant spike in trading volumes over the past two sessions. This volume confirmation adds conviction to the bullish momentum and highlights strong participation from buyers. The RSI is positioned at 70.67, indicating strong bullish momentum while remaining within acceptable limits. The RSI trending upward further validates the positive sentiment around the stock.
Strategy: Buy
Target: Rs 3,100
Stop-Loss: Rs 2,800
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
Trent | CMP: Rs 7,092
Trent has formed a MAT Hold pattern on the daily scale and is headed upward. It has crossed above its key moving averages, suggesting bullish sentiment. The MACD (Moving Average Convergence Divergence) indicator is moving upward, confirming the momentum.
Strategy: Buy
Target: Rs 7,450
Stop-Loss: Rs 6,900
Muthoot Finance | CMP: Rs 2,136.85
A Pole and Flag pattern has appeared on the daily chart, and Muthoot Finance has achieved its highest daily close ever, which has bullish implications. The ADX (Average Directional Index) line is in a steep uptrend, confirming the strength of the upward move.
Strategy: Buy
Target: Rs 2,250
Stop-Loss: Rs 2,080
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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