The benchmark indices recovered smartly from the day's low and remained rangebound, closing moderately higher after the commencement of Operation Sindoor by the Indian armed forces in Pakistan and PoK. The market breadth was positive, with 1,570 shares advancing compared to 974 declining shares on the NSE. The market is expected to remain rangebound in the upcoming sessions. Below are some short-term trading ideas to consider:
Rupak De, Senior Technical Analyst at LKP Securities
Tech Mahindra | CMP: Rs 1,495.2
Tech Mahindra has been in a short-term uptrend, recovering sharply from its recent low around Rs 1,220. Currently, the price is consolidating just above its 50-day EMA (Rs 1,467), confirming a positive short-term trend. The RSI (14) is above 60, remaining in bullish territory with a bullish crossover. In the short term, we expect the stock to continue moving higher, with the potential to reach Rs 1,575. A breakout above Rs 1,560 could open the door for further upside, while support lies at Rs 1,440. A decisive fall below this level might trigger weakness in the stock.
Strategy: Buy
Target: Rs 1,560, Rs 1,600
Stop-Loss: Rs 1,439
Kotak Mahindra Bank | CMP: Rs 2,094.9
Kotak Mahindra Bank slipped sharply but found support at the crucial 50-day exponential moving average. Despite the recent decline, the stock remains in a long-term breakout and is forming an ascending pattern on the medium-term chart. Additionally, a bullish engulfing pattern is visible on the daily chart, indicating a potential bullish reversal. In the short term, the stock may move towards Rs 2,200, while support is placed at Rs 2,050. A fall below this level could signal a potential bearish scenario.
Strategy: Buy
Target: Rs 2,200
Stop-Loss: Rs 2,050
Asian Paints | CMP: Rs 2,334.1
Asian Paints formed a rounding top around the Rs 2,450–2,500 zone before the recent decline. It has slipped below its recent consolidation range on the daily chart, indicating increased bearish sentiment among traders. Renewed participation from sellers could trigger further downside, especially as the weakening RSI (Relative Strength Index) suggests continued deterioration in price. On the lower end, the correction may extend towards Rs 2,200, while on the higher end, resistance is likely around Rs 2,371.
Strategy: Sell
Target: Rs 2,200
Stop-Loss: Rs 2,371
Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan
Devyani International | CMP: Rs 183
Devyani International has broken out of a sideways consolidation on the upside. A rise in volume in the direction of the trend suggests renewed buying interest. We expect the stock to continue with the momentum and target levels of Rs 194, which coincides with the daily upper Bollinger Band.
Strategy: Buy
Target: Rs 194
Stop-Loss: Rs 178
APL Apollo Tubes | CMP: Rs 1,663
APL Apollo Tubes has broken out of a Bullish Flag pattern on the daily charts. The breakout has been accompanied by above-average volume, which is a bullish sign and suggests that the positive momentum is likely to continue.
Strategy: Buy
Target: Rs 1,697, Rs 1,725
Stop-Loss: Rs 1,620
Sudeep Shah, Deputy Vice President and Head of Technical and Derivative Research at SBI Securities
Aditya Birla Capital | CMP: Rs 200.75
On Wednesday, Aditya Birla Capital took support near the 200-day EMA level, which coincides with the 50% Fibonacci retracement level of its prior upward rally (Rs 169.43–Rs 208.80). Thereafter, it witnessed a strong rebound along with robust volume. Most notably, the stock formed a Bullish Engulfing candlestick pattern on a daily scale, which is a bullish sign. The daily RSI (Relative Strength Index) is about to cross the 60 mark and is in rising mode. Hence, we recommend accumulating the stock in the zone of Rs 201–199.
Strategy: Buy
Target: Rs 218
Stop-Loss: Rs 193
Samvardhana Motherson International | CMP: Rs 142.46
On Wednesday, Samvardhana Motherson International surged above the 100-day EMA level for the first time since November 2024. Notably, the stock witnessed volume above the 50-day average, indicating strong buying interest. The daily RSI is in bullish territory and rising. Further, the daily MACD (Moving Average Convergence Divergence) remains bullish, quoting above the zero line and the signal line. Hence, we recommend accumulating the stock in the zone of Rs 143–141.
Strategy: Buy
Target: Rs 155
Stop-Loss: Rs 136
Maruti Suzuki India | CMP: Rs 12,633
Nifty Auto has strongly outperformed the frontline indices in the last couple of trading sessions. The ratio chart of the index compared to the Nifty index has given a horizontal trendline breakout. The stock of Maruti Suzuki India recently gave a downward-sloping trendline breakout on a daily scale, marking a swing high at Rs 12,727. It has since entered a consolidation period. Currently, the stock is trading above its short and long-term moving averages. The daily RSI is in bullish territory and rising. Hence, we recommend accumulating the stock in the zone of Rs 12,650–12,600.
Strategy: Buy
Target: Rs 13,400
Stop-Loss: Rs 12,200
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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