The benchmark indices were under pressure for the second consecutive session, with the Nifty 50 falling 0.7% on January 9. The market breadth remained weak. About 1,884 shares saw a correction, compared to 624 rising shares on the NSE. Overall, the trend remains in favour of bears, given the negative bias in momentum indicators and indices trading below all key moving averages. Below are some trading ideas for the near term:
Virat Jagad, Technical Research Analyst at Bonanza
Pokarna | CMP: Rs 1,391
Pokarna has recently broken out from an upward-moving channel on the daily chart, a strong bullish indicator suggesting the potential for a sustained uptrend. The breakout is supported by a surge in trading volume, reflecting increased buying interest and reinforcing the stock's positive outlook. Additionally, the stock is trading above key EMAs (Exponential Moving Averages), aligning with the ongoing bullish trend. The DMI+ (Directional Movement Index) is higher than the DMI-, and the ADX (Average Directional Index) is above 25, suggesting strong upward momentum. Overall, these technical signals point to a bullish scenario, with potential for further price appreciation in the near term.
Strategy: Buy
Target: Rs 1,530
Stop-Loss: Rs 1,320
Marico | CMP: Rs 666.9
The daily of Marico chart shows a confirmed breakout from a symmetric triangle pattern, a strong bullish signal. This breakout is supported by a rise in trading volume, indicating strong buying interest and positive market sentiment. The stock is trading near its recent highs, with both the Fast and Slow EMAs trending upward, reinforcing the bullish outlook. Additionally, the RSI has crossed above its average line, emphasizing the strength and sustainability of the ongoing uptrend. These technical indicators collectively suggest a bullish outlook, with potential for continued price gains in the near term.
Strategy: Buy
Target: Rs 740
Stop-Loss: Rs 630
Concord Biotech | CMP: Rs 2,320.15
Concord Biotech has recently broken out from a rectangle pattern on the daily chart, signaling a potential uptrend. This bullish formation suggests the likelihood of further price appreciation. A significant surge in volume during the last session highlights increased buying interest, reinforcing the positive outlook. The stock is also trading above key EMAs, confirming sustained upward momentum. Additionally, the RSI has broken out in a bullish direction, underscoring the strength of the ongoing uptrend. Together, these technical signals suggest a strong bullish outlook for Concord Biotech.
Strategy: Buy
Target: Rs 2,600
Stop-Loss: Rs 2,200
Mandar Bhojane, Equity Research Analyst at Choice Broking
General Insurance Corporation of India | CMP: Rs 464.9
General Insurance Corporation: The stock is showcasing strong bullish momentum after a breakout and successful retest of a rounding bottom pattern on the weekly chart. This move, supported by a notable surge in trading volume, reflects increased investor interest and optimism. A decisive close above the Rs 470 level would further confirm the bullish outlook, with short-term targets of Rs 530 and Rs 540 within reach.
On the downside, the Rs 450 level serves as immediate support, making it an attractive entry point for traders looking to buy on dips. The Relative Strength Index (RSI) stands at 57.97 and is trending upward, indicating rising buying pressure and favourable market sentiment. These technical signals suggest that the stock is well-positioned to sustain its upward trajectory in the near term.
Strategy: Buy
Target: Rs 530, Rs 540
Stop-Loss: Rs 431
Associated Alcohol and Breweries | CMP: Rs 1,179
Associated Alcohol and Breweries has broken out of a daily range on the daily chart, signaling a classic bullish formation backed by robust momentum. This breakout, accompanied by increased trading volumes, highlights strong investor interest and suggests the potential for further gains. The stock is currently consolidating above the breakout level, which hints at a fresh upward move. A decisive close above Rs 1,200 could unlock short-term targets of Rs 1,330 and Rs 1,360, presenting an attractive opportunity for traders.
On the downside, immediate support is at Rs 1,140, making it a favourable entry point for those looking to buy on dips. The RSI is at 66.46 and trending upward, indicating strong buying pressure and a positive market outlook. These technical factors collectively support the bullish sentiment for Associated Alcohol in the near term.
Strategy: Buy
Target: Rs 1,330, Rs 1,360
Stop-Loss: Rs 1,105
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
Mahindra and Mahindra | CMP: Rs 3,126.5
Mahindra and Mahindra is retesting its breakout on the daily scale and is respecting its 100 DEMA, with slight dips being bought into. The RSI indicator is positively placed, which may support the pullback move.
Strategy: Buy
Target: Rs 3,250
Stop-Loss: Rs 3,050
Aditya Birla Capital (January Futures) | CMP: Rs 174.75
Aditya Birla Capital has broken down below key support levels on the daily chart and is respecting its 20 EMA resistance levels. The MACD (Moving Average Convergence Divergence) indicator is declining, which confirms the bearish momentum.
Strategy: Sell
Target: Rs 162
Stop-Los: Rs 180
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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