The benchmark indices maintained their upward journey for the fifth consecutive session on March 21, rising by seven-tenths of a percent, with market breadth favouring the bulls. About 1,943 shares saw buying interest compared to 693 declining shares on the NSE. The market is expected to continue its northward journey. Below are some trading ideas for the near term:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Waaree Energies | CMP: Rs 2,352.9
On the daily chart, Waaree Energies has confirmed a breakout from a "symmetrical triangle" at the Rs 2,220 levels on a closing basis. This breakout is accompanied by huge volumes, indicating increased participation. The stock is also well-placed above its 20- and 50-day simple moving averages (SMAs), suggesting a positive bias. The daily strength indicator, RSI (Relative Strength Index), has turned bullish, indicating rising strength. The daily "Bollinger Band" buy signal suggests increased momentum. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 2,485, Rs 2,600
Stop-Loss: Rs 2,255
Force Motors | CMP: Rs 8,460
On the weekly chart, Force Motors has confirmed a breakout from a down-sloping channel, indicating a trend reversal. Additionally, it has decisively broken out above the "multiple resistance" of Rs 8,000 levels. The stock has recaptured its 20, 50, 100, and 200-day SMAs and rebounded sharply, reconfirming the bullish trend. The daily and weekly "Bollinger Bands" buy signals suggest increased momentum. The daily and weekly RSI indicators have turned bullish, indicating rising strength. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 9,250, Rs 9,550
Stop-Loss: Rs 8,000
Glenmark Pharma | CMP: Rs 1,514.75
On the daily chart, Glenmark Pharma has experienced a "V" shape recovery to close at Rs 1,507 levels. With the last week's close, the stock has confirmed a weekly down-sloping trendline breakout at Rs 1,440 levels. This breakout is accompanied by significant volume, confirming rising activity. The daily "Bollinger Bands" buy signal suggests increased momentum. Investors should consider buying, holding, and accumulating this stock.
Strategy: Buy
Target: Rs 1,600, Rs 1,720
Stop-Loss: Rs 1,440
Rajesh Bhosale, Technical Analyst at Angel One
Cholamandalam Financial Holdings | CMP: Rs 1,692.30
Cholamandalam Financial has been rangebound, but a bullish breakout is now underway, with prices surpassing multiple highs. This breakout is backed by strong volume and a bullish candlestick pattern. Volume analysis reveals lower volumes during downturns compared to strong volumes on the upside, signaling accumulation by strong hands. Based on these factors, we hold a strong bullish outlook on this counter. Hence, we recommend buying Cholamandalam Financial around Rs 1,692 - Rs 1,685, with a stop-loss of Rs 1,610, targeting Rs 1,890.
Strategy: Buy
Target: Rs 1,890
Stop-Loss: Rs 1,610
Mazagon Dock Shipbuilders | CMP: Rs 2,591.4
On the weekly chart, Mazagon Dock prices have been consolidating since July after reaching highs near Rs 2,900. However, after establishing a base around Rs 2,000, a bullish breakout from a Descending Triangle pattern has emerged. The RSI, having stabilized around 50, has now crossed above 60, signaling a bullish crossover and a momentum shift in favour of the bulls. Additionally, prices remain well above key moving averages, reinforcing the strength of the uptrend. Hence, we recommend buying Mazagon Dock around Rs 2,591 - Rs 2,580.
Strategy: Buy
Target: Rs 3,000
Stop-Loss: Rs 2,400
Quess Corp | CMP: Rs 683
On the daily chart, a bullish reversal breakout from a Cup and Handle pattern is underway. This breakout is reinforced by prices surpassing the 200-day SMA, which previously acted as resistance, signaling a change in polarity. Additionally, the smoothened RSI has crossed above the 60 zone, confirming bullish momentum. As a result, prices are likely to witness an upward trend in the near term. Hence, we recommend buying Quess Corp around Rs 683 - Rs 680.
Strategy: Buy
Target: Rs 735
Stop-Loss: Rs 659
Rupak De, Senior Technical Analyst at LKP Securities
Hindustan Petroleum Corporation | CMP: Rs 356.95
Hindustan Petroleum Corporation (HPCL) has broken out of an Inverted Head and Shoulders pattern on the daily chart, signaling a shift in sentiment and potential upside. The stock has also moved above key Fibonacci retracement levels (38.2% and 50%) of its previous corrective phase, reinforcing a bullish outlook. With prices holding above the 21-day EMA, momentum remains strong. In the short term, we expect the stock to move towards Rs 370/380, with Rs 343 acting as a key support level.
Strategy: Buy
Target: Rs 370, Rs 380
Stop-Loss: Rs 343
Central Depository Services | CMP: Rs 1,216.3
Central Depository Services (CDSL) has crossed above its previous swing high on the daily chart, reflecting growing optimism. The stock has also reclaimed its 21-day EMA, and the RSI (14) is in a bullish crossover and trending upward. With momentum building, CDSL looks poised for further gains towards Rs 1,280/1,330, while Rs 1,159 serves as a crucial support level.
Strategy: Buy
Target: Rs 1,280, Rs 1,330
Stop-Loss: Rs 1,159
Canara Bank | CMP: Rs 87.54
Canara Bank found solid support above its previous swing low before bouncing back. The stock has now cleared its previous swing high, further strengthening the bullish sentiment. It is trading above the 21-day EMA, with the RSI (14) in a bullish crossover, pointing to continued upside. In the near term, we expect the stock to head towards Rs 93/97, with Rs 84 acting as an important support level.
Strategy: Buy
Target: Rs 93, Rs 97
Stop-Loss: Rs 84
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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