The market reversed some of its previous day's losses, rising nearly one percent on November 29, with breadth favouring the bulls. About 1,570 shares gained compared to 915 shares that declined on the NSE. Given the improved sentiment after the counter-attack by bulls, the benchmark indices are expected to extend their upward rally amid possible consolidation. Below are some trading ideas for the near term:
Nandish Shah, Senior Technical & Derivative Analyst at HDFC Securities
Jubilant Ingrevia | CMP: Rs 784.65
Jubilant Ingrevia has broken out on the daily chart from the downward-sloping trendline with higher volumes. The stock price has been forming a bullish higher top, higher bottom formation on the weekly charts. Oscillators like the MFI (Money Flow Index) and RSI (Relative Strength Index) are sloping upwards and placed above 60 on the daily chart, suggesting strength in the current bullish trend.
Strategy: Buy
Target: Rs 850, Rs 881
Stop-Loss: Rs 730
Ceat | CMP: Rs 3,078
Ceat has broken out on the daily chart from the downward-sloping trendline. The stock price is in a strong uptrend, as it has been forming a bullish higher top, higher bottom formation on the monthly chart. During the recent correction, it took support at the 200-day EMA (Exponential Moving Average) and reversed northwards. Momentum indicators and oscillators are showing strength in the current uptrend of the stock.
Strategy: Buy
Target: Rs 3,300, Rs 3,420
Stop-Loss: Rs 2,900
JTEKT India | CMP: Rs 173
After forming multiple bottoms around Rs 155, JTEKT India reversed northwards. The short-term trend turned positive as the stock price closed above its 20-day EMA. The primary trend also turned positive as the stock price managed to close above the 200-day EMA. It has broken out from the downward-sloping trendline, joining the highs of August 1, 2024, and November 7, 2024, on the daily chart.
Strategy: Buy
Target: Rs 185, Rs 194
Stop-Loss: Rs 165
Rajesh Bhosale, Technical Analyst at Angel One
City Union Bank | CMP: Rs 179.5
On the weekly chart, City Union Bank has shown a multiple-pattern bullish breakout. Looking at the larger chart structure, a Cup-and-Handle breakout is evident after surpassing significant resistance. In the recent price action, the stock has also broken out from a double bottom pattern following strong consolidation. This stock has outperformed in the recent sluggish market, and the breakouts are supported by robust volumes. Hence, we recommend buying City Union Bank around Rs 179 - Rs 177.
Strategy: Buy
Target: Rs 820
Stop-Loss: Rs 172
Mastek | CMP: Rs 3,172
The IT sector has been a strong performer, with the Nifty IT index trading in uncharted territory, while other indices are attempting a bounce. This midcap IT stock, Mastek, has also shown steady performance, and on the monthly chart, we can observe a long-term bullish breakout in the form of an Inverted Head and Shoulders pattern. The volume characteristics align with the pattern, and both moving averages and oscillators are positively placed, supporting the buy signal. Hence, we recommend buying Mastek around Rs 3,172 - Rs 3,150.
Strategy: Buy
Target: Rs 3,550
Stop-Loss: Rs 2,990
HCC | CMP: Rs 42.82
Hindustan Construction Company recently broke out of a thirteen-year-long consolidation, followed by a sharp rally. It then corrected along with the broader market but has since rebounded, holding strong support and forming a Bullish Hammer on the monthly chart. On the daily chart, a rounding bottom breakout is also evident. Considering the technical evidence, we expect the uptrend to resume. Hence, we recommend buying HCC around Rs 43 - Rs 42.
Strategy: Buy
Target: Rs 53
Stop-Loss: Rs 38
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Praj Industries | CMP: Rs 823.75
Praj Industries is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, which shows bullish sentiment. Recently, the stock has recaptured its 20-day, 50-day, and 100-day SMA (Simple Moving Average) and rebounded sharply, indicating strong buying force. This buying momentum is accompanied by huge volumes, which signifies increased participation. Additionally, on the weekly time frame, the stock has confirmed a "Consolidation Range" breakout on a closing basis, indicating the resumption of the prior uptrend. The daily, weekly, and monthly strength indicator RSI is in positive territory, which justifies the rising strength across all time frames. Investors should buy, hold, and accumulate this stock, with an expected upside of Rs 900-985 and a downside support zone of Rs 785-750.
Strategy: Buy
Target: Rs 900, Rs 985
Stop-Loss: Rs 785
Snowman Logistics | CMP: Rs 73.7
On the weekly and monthly time frames, Snowman Logistics is trending higher, forming a series of higher tops and bottoms, indicating a bullish trend. With the recent minor price correction, the stock has reacted toward the lower end of the support zone of the "up-sloping channel" and rebounded sharply. Recently, the stock has recaptured its 20-day SMA and rebounded sharply, indicating strong buying force. The daily and weekly strength indicator RSI is in positive territory, which justifies the rising strength. Investors should buy, hold, and accumulate this stock, with an expected upside of Rs 90-100 and a downside support zone of Rs 69-63.
Strategy: Buy
Target: Rs 90, Rs 100
Stop-Loss: Rs 69
Orchid Pharma | CMP: Rs 1,676.5
Orchid Pharma is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, which shows bullish sentiment. With last week's 15 percent gains, the stock has decisively surpassed the past 4-5 months' "multiple resistance" zone of Rs 1,590 on a closing basis. This breakout is accompanied by huge volumes, which signifies increased participation. The stock is well above its 20-day, 50-day, 100-day, and 200-day SMAs, and these averages are also inching up along with the price rise, reaffirming the bullish trend. The daily, weekly, and monthly strength indicator RSI is in positive territory, which justifies the rising strength across all time frames. Investors should buy, hold, and accumulate this stock, with an expected upside of Rs 1,785-1,900 and a downside support zone of Rs 1,580-1,500.
Strategy: Buy
Target: Rs 1,785, Rs 1,900
Stop-Loss: Rs 1,580
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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