The benchmark indices remained rangebound for another session, finishing the trade on a flat note amid rising volatility on April 30. Market breadth was dominated by bears, with a total of 1,998 shares under pressure compared to 544 advancing shares on the NSE. The indices are expected to consolidate further. Below are some short-term trading ideas to consider:
Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Mirae Asset Sharekhan
Dr Reddy's Laboratories | CMP: Rs 1,183.9
Dr Reddy's Laboratories has been consolidating for the last four trading sessions and has formed a classical symmetrical triangle pattern on the hourly charts. A breakout is anticipated over the next couple of sessions.
Strategy: Buy
Target: Rs 1,215, Rs 1,227
Stop-Loss: Rs 1,155
Maruti Suzuki India | CMP: Rs 12,257
Maruti has broken out of an Inverted Head and Shoulders pattern on the daily charts. The shoulder shows significant volume activity, suggesting renewed interest in the stock. Additionally, the daily momentum indicator has made a positive crossover, which is considered a buy signal.
Strategy: Buy
Target: Rs 12,550
Stop-Loss: Rs 12,000
Sudeep Shah, the Deputy Vice President and Head of Technical and Derivative Research at SBI Securities
Apollo Tyres | CMP: Rs 471.9
Tyre stocks outperformed the broader frontline indices on Wednesday. Apollo Tyres has recently given a neckline breakout from an Adam & Adam Double Bottom pattern and has since started moving higher. It is currently trading above both its short- and long-term moving averages. Supporting the bullish outlook, the daily RSI (Relative Strength Index) rebounded after taking support near the 60 mark — a bullish sign per RSI range shift rules. The stock can be accumulated in the Rs 472–468 zone.
Strategy: Buy
Target: Rs 520
Stop-Loss: Rs 455
HDFC Life Insurance Company | CMP: Rs 743.7
HDFC Life has given a consolidation breakout on the daily chart, confirmed by robust volume. It also formed a sizeable bullish candle on the breakout day, adding strength to the pattern. Technically, the stock is in a strong uptrend, forming a sequence of higher tops and higher bottoms. It is trading above both its short- and long-term moving averages. The stock can be accumulated in the Rs 745–735 zone.
Strategy: Buy
Target: Rs 800
Stop-Loss: Rs 715
Vidnyan S Sawant, Head of Research at GEPL Capital
Max Financial Services | CMP: Rs 1,305
The stock has displayed a robust bullish price structure on the weekly timeframe. It attracted buying interest near the 50% Fibonacci retracement level of the prior uptrend (from Rs 599 to Rs 1,306). Since then, it has resumed a steady uptrend, forming a series of higher highs and logging nine consecutive green weekly candles — a clear sign of renewed bullish sentiment. Additionally, the MACD (Moving Average Convergence Divergence) indicator shows a rising trend, highlighting accelerating bullish momentum.
Strategy: Buy
Target; Rs 1,462
Stop-Loss: Rs 1,239
Bharti Airtel | CMP: Rs 1,864.5
Bharti Airtel has been in a strong bullish trend, consistently forming higher tops and higher bottoms across multiple timeframes. On the monthly chart, it has broken out of a six-month inside bar candlestick pattern with a strong green-bodied candle, indicating renewed buying interest and the potential for continued upward movement. The MACD indicator aligns with the price action, supporting the presence of bullish momentum.
Strategy: Buy
Target: Rs 2,070
Stop-Loss: Rs 1,770
Power Grid Corporation of India | CMP: Rs 307.45
Power Grid has exhibited a bullish mean reversion on the monthly timeframe from the 26-month EMA. In April, it surged above the previous month's high, indicating a breakout followed by buying interest — a sign of potential continued upward momentum. On the weekly chart, the stock has shown a polarity shift, with the January 2025 resistance zone now acting as a support area. The MACD indicator remains in buy mode, confirming the bullish outlook.
Strategy: Buy
Target: Rs 350
Stop-Loss: Rs 289
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
