The benchmark indices recorded new milestones and saw new closing highs despite weakening breadth. About 1,569 shares declined, and 751 shares advanced on the NSE. The Nifty 50 is likely to hit 24,100-24,200 at the start of the July series, provided it holds 24,000. However, failure to do so can drag it towards 23,800. Here are some trading ideas for the near term:
Amol Athawale, VP-Technical Research at Kotak Securities
Mphasis | CMP: Rs 2,442.1
Mphasis has witnessed a spectacular up move from the lower levels in recent sessions. It is continuously trading in a symmetrical triangle chart formation along with decent volume activity. Therefore, the overall formation indicates a likely breakout for a new leg of the up move from the current levels.
Strategy: Buy
Target: Rs 2,620
Stop-Loss: Rs 2,360
Bank of India | CMP: Rs 120.89
Bank of India is in the accumulation zone, trading in a rangebound mode for the past few sessions. The texture of the chart formation indicates that the counter is very likely to break out from the rectangle formation for a new leg of the up move in the near term.
Strategy: Buy
Target: Rs 130
Stop-Loss: Rs 116
Colgate Palmolive India | CMP: Rs 2,840.75
After the recent selloff in Colgate Palmolive from higher levels, the downward momentum has stopped. On daily charts, the counter has found support and reversed its trend from its important retracement zone along with rising volume activity. The formation suggests further bullish movement from the current levels.
Strategy: Buy
Target: Rs 3,050
Stop-Loss: Rs 2,750
Mandar Bhojane, Equity Research Analyst at Choice Broking
Tata Consultancy Services | CMP: Rs 3,934
TCS has recently seen a breakout of a trendline on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 3,940 level, it may have the potential to reach short-term targets of Rs 4,200. On the other hand, immediate support levels are located at Rs 3,860, which can be considered as opportunities to buy on dips. The Relative Strength Index (RSI) currently stands at 59.16 and is trending upward, indicating increasing buying momentum. To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 3,750.
Strategy: Buy
Target: Rs 4,200
Stop-Loss: Rs 3,750
HCL Technologies | CMP: Rs 1,454.9
HCL Technologies has recently witnessed a breakout of its daily range with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 1,460 level, it may have the potential to reach short-term targets of Rs 1,575 and Rs 1,610. On the other hand, immediate support levels are located at Rs 1,415, which can be considered as opportunities to buy on dips. The RSI currently stands at 64 and is trending upward, indicating increasing buying momentum. It is advisable to set a stop-loss at Rs 1,385.
Strategy: Buy
Target: Rs Rs 1,575, Rs 1,610
Stop-Loss: Rs 1,385
Max Healthcare Institute | CMP: Rs 920.75
Max Healthcare Institute: Max Healthcare Institute has recently seen a breakout of its range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 925 level, it may have the potential to reach short-term targets of Rs 1,000 and Rs 1,050. On the other hand, immediate support levels are located at Rs 880, which can be considered as opportunities to buy on dips. The RSI currently stands at 62.29 and is trending upward, indicating increasing buying momentum. It is advisable to set a stop-loss at Rs 850.
Strategy: Buy
Target: Rs 1,000, Rs 1,050
Stop-Loss: Rs 850
Chandan Taparia, Head - Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services
Cummins India | CMP: Rs 4,104
Cummins is in an overall uptrend and holding gains at higher zones. It has retested a breakout on the daily chart and inched higher. Buying is visible across the capital goods space, which may support the ongoing up move.
Strategy: Buy
Target: Rs 4,350
Stop-Loss: Rs 3,980
Oracle Financial Services Software | CMP: Rs 9,854.8
OFSS is continuously outperforming within the IT space and trading near its life highs. It is on the verge of giving a consolidation breakout on the daily chart, which has bullish implications. It has formed a strong bullish candle on the daily scale, and the momentum indicator RSI is positively placed, which may support the ongoing up move.
Strategy: Buy
Target: Rs 10,500
Stop-Loss: Rs 9,550
NTPC | CMP: Rs 377
NTPC has taken support near its 50 DEMA (Days Exponential Moving Average) and is inching higher. It has given a falling supply trendline breakout on the daily chart, formed by connecting swing highs of Rs 393, Rs 376, and Rs 366 zones. The breakout is supported by a surge in volumes, which may take the prices higher.
Strategy: Buy
Target: Rs 400
Stop-Loss: Rs 365
Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio
PB Fintech | CMP: Rs 1,384
The primary trend in PB Fintech is positive, and buyers have shown aggressive intention of buying the security on dips. The volume increase during the buy days is on the higher side, and the diminishing volume during selling suggests that buyers are interested in buying the security on dips. An ongoing Double Bottom breakout followed by a throwback was seen on the daily scale, suggesting a positive outlook. The momentum indicator RSI is now trading in a higher range, indicating an uptrend in the security and supporting the price action. Based on the above analysis, it is expected that the stock can move towards Rs 1,550 levels.
Strategy: Buy
Target: Rs 1,550
Stop-Loss: Rs 1,280
Manappuram Finance | CMP: Rs 210.97
The primary trend in Manappuram is positive and is making higher highs and higher lows on the weekly timeframe. The consolidation breakout suggests a bullish chart formation, and it is now trading above all its important EMAs. The short-term trend for the coming month is expected to remain sideways to bullish, which is why a long position is recommended at the moment. Crucial support zones are at Rs 198-195.
Strategy: Buy
Target: Rs 225, Rs 230
Stop-Loss: Rs 195
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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