The benchmark indices bounced back on March 27, with the Nifty 50 climbing 105 points on the expiry day for monthly Futures & Options contracts. However, the market breadth was slightly weak, with about 1,357 shares declining compared to 1,262 rising shares on the NSE. The market may extend gains amid likely consolidation. Below are some trading ideas for the near term:
Mandar Bhojane, Equity Research Analyst at Choice Broking
Mazagon Dock Shipbuilders | CMP: Rs 2,695.35
Mazagon Dock Shipbuilders has recently broken out of a descending triangle pattern on the daily chart with significant volume. The stock is consolidating above the breakout zone and is now on the verge of another breakout from the range. A decisive close above Rs 2,730 could trigger a strong upward move towards Rs 3,000 and Rs 3,200 in the short term.
On the downside, Rs 2,600 acts as immediate support, offering a dip-buying opportunity. The RSI (Relative Strength Index) is at 71.5, rebounding strongly and indicating sustained bullish momentum. Additionally, the stock is trading above all key exponential moving averages (20, 50, 100, and 200 EMA), reinforcing its positive trend. At current levels, Mazagon Dock Shipbuilders offers a favourable buying opportunity. A stop-loss can be placed at Rs 2,500 to effectively manage downside risk. The overall technical setup supports a potential breakout and further bullish continuation.
Strategy: Buy
Target: Rs 3,000, Rs 3,200
Stop-Loss: Rs 2,500
NTPC Green Energy | CMP: Rs 103.1
NTPC Green Energy has broken out from a falling trendline, sustaining above the breakout level. A decisive close above Rs 105 could accelerate momentum, with upside targets of Rs 115 and Rs 120 in the coming months.
Technical indicators further validate the bullish outlook. The RSI is trending upward at 54.8, signaling improving buying strength. Moreover, the stock is trading above its key 20-day EMA, reinforcing the positive trend and suggesting continued strength. On the downside, immediate support is placed near Rs 99, providing a favourable dip-buying opportunity. A corrective move towards this level may offer an attractive risk-reward setup. To manage risk effectively and safeguard against unexpected volatility, a stop-loss can be placed at Rs 96.
Strategy: Buy
Target: Rs 115, Rs 120
Stop-Loss: Rs 96
United Spirits | CMP: Rs 1,408.1
United Spirits is on the verge of a breakout from a Cup and Handle pattern on the daily chart. The recent surge in trading volume indicates strong buying interest, enhancing the breakout potential. Additionally, the stock is trading above its 20-day, 50-day, and 200-day EMAs, further strengthening the bullish outlook. A breakout above Rs 1,420 could open the door for a sharp rally towards the targets of Rs 1,540 and Rs 1,570 in the short term. On the downside, immediate support is placed at Rs 1,380, providing a favourable dip-buying opportunity. A stop-loss at Rs 1,340 is advised to manage risk and protect against unexpected volatility.
Strategy: Buy
Target: Rs 1,540, Rs 1,570
Stop-Loss: Rs 1,340
Om Mehra, Technical Analyst at Samco Securities
Adani Energy Solutions | CMP: Rs 872.85
Adani Energy Solutions has witnessed a strong rebound from lower levels, surging 8.70% on Thursday. The stock has formed a Bullish Engulfing candle on the daily chart. It broke above a strong resistance zone at Rs 860, which had previously acted as a hurdle multiple times, confirming a bullish breakout. The volume spike accompanying this move indicates strong buying participation. The RSI is in a rising trajectory, supporting bullish sentiment. Any pullback toward Rs 850–Rs 860 could offer a better entry range. Hence, based on the technical structure, one can initiate a long position at CMP (current market price).
Strategy: Buy
Target: Rs 990
Stop-Loss: Rs 830
One 97 Communications | CMP: Rs 810.1
One 97 Communications (Paytm) has given a bullish breakout from an Inverse Head and Shoulders pattern, signaling a sustained uptrend. The stock has decisively crossed the neckline near Rs 790, supported by strong volume. The daily RSI at 62 indicates rising momentum, while the MACD (Moving Average Convergence Divergence) crossover strengthens the bullish sentiment. Additionally, the stock is holding above the 50 DMA, reinforcing a positive outlook. The overall setup remains bullish; any pullback towards Rs 795–Rs 800 would provide a better entry range. Hence, based on the technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 910
Stop-Loss: Rs 760
Amber Enterprises India | CMP: Rs 7,131.3
Amber Enterprises India has entered a consolidation phase after a strong uptrend, forming a Bullish Flag pattern. The stock remains well-supported above the 9, 50, and 100 EMA, reinforcing a structurally strong bullish setup. The RSI at 62 signals steady momentum without entering overbought territory, while the MACD maintains a positive crossover, confirming bullish strength. Volume remains steady, and an uptick in participation could fuel the next leg higher. A breakout above Rs 7,200 could trigger fresh momentum. Hence, based on the technical structure, one can initiate a long position at CMP.
Strategy: Buy
Target: Rs 7,700
Stop-Loss: Rs 6,750
Chandan Taparia, Head Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services
Bajaj Finserv | CMP: Rs 2,005.75
Bajaj Finserv has given a range breakout on the daily chart with higher-than-average traded volumes. The RSI indicator is headed upward, which confirms the positive momentum.
Strategy: Buy
Target: Rs 2,146
Stop-Loss: Rs 1,937
Glenmark Pharma | CMP: Rs 1,519.85
Glenmark Pharma is retesting its breakout from a rounding bottom pattern on the daily chart and holding its 50 DEMA support zones. The MACD indicator is headed upward, confirming the upward momentum.
Strategy: Buy
Target: Rs 1,610
Stop-Loss: Rs 1,475
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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