The benchmark indices rebounded after a day of steep correction and closed with 1.7 percent gains on April 9, following a bounce-back trade in global counterparts. The market breadth also turned positive, with about 2,201 shares advancing against 371 declining shares on the NSE. Volatility is likely to remain high, and consolidation is expected to continue until the index closes the bearish gap of April 7. Below are some trading ideas for the near term:
Amol Athawale, VP-Technical Research at Kotak Securities
SBI Life Insurance Company | CMP: Rs 1,488
After the sharp up moves, SBI Life Insurance witnessed profit booking at higher levels. Post the recent selloff in the counter, the downward momentum has stopped. On the daily charts, the counter has found support near its important retracement zone. The formation suggests a revival of the uptrend from the current levels in the coming horizon.
Strategy: Buy
Target: Rs 1,590
Stop-Loss: Rs 1,440
Nestle India | CMP: Rs 2,275.4
Nestle India is in the accumulation zone, where it is trading in a rangebound mode on the daily scale. However, recent bullish activity near the breakout zone of the range indicates good strength. The counter is expected to break out and witness a fresh uptrend from the current levels, offering a favourable risk-reward perspective.
Strategy: Buy
Target: Rs 2,440
Stop-Loss: Rs 2,200
Chambal Fertilisers and Chemicals | CMP: Rs 631.65
After the remarkable up move, Chambal Fertilisers is taking a breather in the last few sessions. The consolidation in the rangebound structure suggests a bullish continuation chart formation. Moreover, the stock comfortably closed above its short-term moving average. Therefore, the stock is likely to resume its uptrend from the current levels in the near term.
Strategy: Buy
Target: Rs 680
Stop-Loss: Rs 610
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Pidilite Industries | CMP: Rs 2,930.95
On Monday's session, when all the global markets experienced a bloodbath due to negative global cues and fears over recession, Pidilite Industries did not fall as much in comparison to other stocks. In the previous session, prices surged by nearly 3%, which is a positive sign. Moreover, prices took support at the mid Bollinger bands and gained more than 5%, which is also a positive sign.
The stock is moving within a downward sloping channel and is currently trading at the resistance of the channel. A breakout of it is needed for bullish momentum to continue. Also, prices have retraced exactly 38.2% of the fall that started in September 2024. For now, we expect prices to retrace up to 50% of the fall, which is also near its previous swing high of Rs 3,010 levels. In summary, the current trend for Pidilite Industries looks to be positive. A break above Rs 2,950 levels can lead to a trending move towards Rs 3,070, followed by Rs 3,185 levels. On the downside, Rs 2,830 levels is the nearest support to watch out for.
Strategy: Buy
Target: Rs 3,070, Rs 3,185
Stop-Loss: Rs 2,830
Indus Towers | CMP: Rs 370.65
In the previous session, Indus Towers managed to outshine its sector and surged by more than 4%, which is a bullish sign. Moreover, the stock has been consolidating within a broader range of Rs 312-390 levels. For now, a break above Rs 375 can result in a move towards the upper end of the range, which is at Rs 390 levels, followed by Rs 405. On the daily chart, prices recently found support at the baseline (red line) of the Ichimoku cloud indicator and reversed to the upside, which is a bullish sign. Also, the RSI is trading at 65, which gives prices the space to trend further. On the downside, Rs 355 is the nearest support.
Strategy: Buy
Target: Rs 390, Rs 405
Stop-Loss: Rs 355
Rainbow Children's Medicare | CMP: Rs 1,479.65
In the previous session, Rainbow Children's Medicare closed with a massive gain of 5.26% and also managed to close above the prior day's high. The stock has been witnessing a rounding bottom pattern since January 2025. Currently, prices are trading near its neckline at Rs 1,490 levels. A daily close above Rs 1,490 will confirm the breakout of the said pattern. If this happens, a fresh course of rise can be expected in this stock.
On the daily chart, the ADX (Average Directional Index) is trading above 25 at 28, suggesting strong momentum to continue in the stock. In summary, the trend for Rainbow is bullish. A break above Rs 1,490 is a must for positive momentum to continue, with the target at Rs 1,610. On the downside, the nearest support is at Rs 1,420.
Strategy: buy
Target: Rs 1,610
Stop-Loss: Rs 1,420
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
ICICI Prudential Life Insurance | CMP: Rs 557
The downward correction of the last couple of weeks seems to have completed in this insurance stock. ICICI Prudential Life Insurance has moved up after the formation of a slightly lower bottom on the daily chart. We observe a double-bottom type formation (not a classical one) on the daily/weekly chart. A positive divergence pattern has started to form in the stock price and in RSI as per the daily and weekly timeframe charts. Volume has started to expand during the upside breakout in the stock price, and the weekly 14-period RSI shows positive indications.
Strategy: Buy
Target: Rs 610
Stop-Loss: Rs 530
CreditAccess Grameen | CMP: Rs 996.55
The weekly timeframe chart of CreditAccess Grameen indicates a formation of a larger consolidation movement in the last few months. The stock price is now placed at the edge of breaking above the triangle-type formation around Rs 1,020 levels. The overall weekly chart pattern indicates the formation of a crucial bottom reversal pattern. Weekly momentum oscillators signal a positive bias. The overall chart pattern of CreditAccess Grameen indicates a long trading opportunity. One may look to create a positional buy as per the levels mentioned.
Strategy: Buy
Target: Rs 1,105
Stop-Loss: Rs 945
UNO Minda | CMP: Rs 837.3
The sharp downtrend of the last two weeks seems to be over. UNO Minda has bounced back from the lows of Rs 767 levels recently. The current chart pattern indicates the formation of a lower-bottom reversal pattern. As per the larger degree lower tops and bottoms, the stock price is expected to move up towards the lower top of the pattern in the near term. Volume pattern and RSI show positive indications.
Strategy: Buy
Target: Rs 920
Stop-Loss: Rs 790
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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