The market showed a significant recovery from the day's low and closed flat with a positive bias on the Nifty 50 on March 11, but the bears continued to dominate the breadth. A total of 1,783 shares declined compared to 856 advancing shares on the NSE. The benchmark indices are expected to consolidate further until a decisive close above short-term moving averages. Below are some trading ideas for the near term:
Amol Athawale, VP Technical Research at Kotak Securities
Macrotech Developers | CMP: Rs 1,132.35
After hitting highs of Rs 1,500, due to supply pressure, Macrotech Developers plunged on the downside. However, it has found support near its demand zone. Additionally, the formation of a bullish engulfing candlestick pattern with rising volume suggests a strong up move in the counter from current levels.
Strategy: Buy
Target: Rs 1,210
Stop-Loss: Rs 1,090
InterGlobe Aviation | CMP: 4,651.5
InterGlobe Aviation has given a breakout of its symmetrical triangle chart pattern with a strong bullish candlestick. Additionally, on the weekly charts, it has formed a higher bottom formation. Therefore, the structure of the counter indicates further bullish momentum from the current levels. Unless it is trading below Rs 4,500, positional traders can retain an optimistic stance and look for a target of Rs 5,000.
Strategy: Buy
Target: Rs 5,000
Stop-Loss: Rs 4,500
PB Fintech | CMP: Rs 1,468.95
Post a declining trend, PB Fintech reversed from its important support zone. The stock has formed a rounding bottom chart pattern and is in a steady up move. The technical indicator, RSI (Relative Strength Index), is also indicating a further uptrend from current levels, which could boost the bullish momentum in the coming horizon. Furthermore, it is a favourable candidate in terms of risk and reward perspective.
Strategy: Buy
Target: Rs 1,570
Stop-Loss: Rs 1,405
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Tube Investments of India | CMP: Rs 2,882
Tube Investments of India managed to gain more than 6% in Tuesday's session, supported by a significant increase in volume, despite tense global cues and major indices falling, which is a positive sign. Prices have managed to close above the prior day's high after four days of minor consolidation, which shows increasing bullishness in the stock. Prices are currently trading near its channel resistance. A decisive break above Rs 2,930 levels can extend this trending move.
Additionally, we have applied ADX (Average Directional Index) to gauge the overall momentum in the stock, which shows a reading above 25 at 33, indicating positive momentum to continue in the asset. In summary, the current trend for Tube Investments of India looks to be on the positive side. A break above Rs 2,930 levels can bring targets of Rs 3,050, followed by Rs 3,185 on the upside. On the downside, Rs 2,810 is the nearest support.
Strategy: Buy
Target: Rs 3,050, Rs 3,185
Stop-Loss: Rs 2,810
Phoenix Mills | CMP: Rs 1,656.85
In the previous session, the Realty sector managed to outshine other sectors and was up by 3.6%. Phoenix Mills outperformed its sector, gaining more than 6%, which is a positive signal. Recently, prices bounced on the upside from the support of the trendline and have extended their gains since.
In the previous session, after three trading sessions, prices managed to close above the previous day's high and formed a strong bullish candle on the daily chart. Also, Parabolic SAR dots have just started to form below prices, suggesting that positive momentum has started to build up. Along with this, the MACD bullish crossover is acting as a double confirmation for our stance. In summary, the current trend for Phoenix Mills looks to be on the positive side. For now, a break above Rs 1,665 levels can lead to a trending move towards Rs 1,740, followed by Rs 1,800. On the downside, Rs 1,595 is the nearest support to watch out for.
Strategy: Buy
Target: Rs 1,740, Rs 1,800
Stop-Loss: Rs 1,595
Chennai Petroleum Corporation | CMP: Rs 551.5
In the previous session, Chennai Petroleum Corporation showed a massive gain of more than 7%, with a continuous increase in volume, which is a strong bullish sign. Moreover, prices have managed to protect their prior day's low on a closing basis since March 4, keeping the daily bias on the side of the bulls.
On the daily chart, prices have completed their journey towards the upper Bollinger Bands, post reversing from the lower end of the bands, and have shown a rally of more than 29% within six trading sessions. For now, a decisive break above Rs 565 levels can further boost positive momentum in the stock. In summary, the current trend for Chennai Petroleum Corporation is in favour of the bulls. A break above Rs 565 levels can lift prices higher towards Rs 588, followed by Rs 620. On the downside, Rs 538 is the nearest support to watch out for.
Strategy: Buy
Target: Rs 588, Rs 620
Stop-Loss: Rs 538
Nagaraj Shetti, Senior Research Analyst at HDFC Securities
NCC | CMP: Rs 185
The downtrend of the last 4-5 months is on the verge of reversal, as per the smaller timeframe chart. We observe the formation of a higher bottom reversal at Rs 179 recently, after a series of bearish patterns like lower tops and bottoms. NCC on Tuesday moved above the initial hurdle of the 10-day EMA at Rs 184.50 and closed higher. Volume is likely to pick up from here during an upside breakout in the stock price. The daily RSI shows a positive indication.
Strategy: Buy
Target: Rs 206
Stop-Loss: Rs 175
Jubilant Foodworks | CMP: Rs 613
Jubilant Foodworks’ price has been moving in a larger degree of lower tops and bottoms over the last few months. The stock price is currently attempting to form a new lower bottom around Rs 592 levels. The formation of Doji and bullish engulfing-type candle patterns in the last two sessions indicates chances of a decisive upside bounce in the short term. The daily RSI, placed near the oversold region, is expected to rise from here.
Strategy: Buy
Target: Rs 670
Stop-Loss: Rs 580
Oberoi Realty | CMP: Rs 1,581.6
After the formation of lower tops and bottoms over the last month on the daily chart, Oberoi Realty's price has formed a new higher bottom at Rs 1,497 on Tuesday. The present candle pattern is indicating the formation of a bullish engulfing pattern. Hence, this overall chart pattern suggests that the crucial bottom reversal is in the process. The momentum oscillator is signaling a positive indication for the stock price ahead.
Strategy: Buy
Target: Rs 1,700
Stop-Loss: Rs 1,505
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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