The market concluded a rangebound session with a moderate loss on June 21, after hitting an intraday fresh record high on the Nifty 50. About 1,265 shares declined, and 1,028 shares advanced on the NSE. The index is expected to consolidate further, with support at 23,300 and resistance at 23,650. Here are some trading ideas for the near term:
Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
KSB | CMP: Rs 4,780.55
KSB has been hovering in an uptrend, placed well above all its major EMAs (Exponential Moving Average) on the daily time frame chart. The average trading range seems to be narrowing down, suggesting a potential price outburst in the near future. On the oscillator front, the 14-period RSI (Relative Strength Index) has witnessed a positive crossover along with MACD (Moving Average Convergence Divergence), contributing to a bullish trend, which is construed as a positive development. Hence, we recommend buying KSB around Rs 4,750.
Strategy: Buy
Target: Rs 5,180, Rs 5,200
Stop-Loss: Rs 4,500
PVR INOX | CMP: Rs 1,436.85
PVR INOX has seen a volume-backed resurgence after the substantial consolidation seen in the last couple of trading weeks near its key support short-term EMAs. Furthermore, the counter witnessed a positive crossover of 20 DEMA over 50 DEMA, construing a positive development. As a result, it is now positioned for a gradual reversal in the near future. On the oscillator front, 14-period RSI and MACD both signal a reversal from the oversold terrain, suggesting a potential upside journey in a comparable period. Hence, we recommend buying PVR INOX around Rs 1,430-1,420.
Strategy: Buy
Target: Rs 1,550, Rs 1,600
Stop-Loss: Rs 1,360
PI Industries | CMP: Rs 3,753.70
PI Industries witnessed a decisive breakout in the last trading week, soaring over 3 percent. The counter has witnessed very strong traction from the cluster of its short-term moving averages after consolidating near the 200 SMA and seems poised to continue its northward move in the comparable period. On the oscillator front, MACD signals a continuation move with a reversal from the oversold trajectory, suggesting a potential upside journey for the counter. Hence, we recommend buying PI Industries around Rs 3,740-3,720.
Strategy: Buy
Target: Rs 4,000, Rs 4,040
Stop-Loss: Rs 3,580
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Orient Electric | CMP: Rs 250.9
Orient Electric has shown a breakout above the medium-term 'Falling Channel' pattern on the weekly chart, signaling the beginning of a medium-term uptrend. Additionally, it has surpassed horizontal resistance at Rs 245, confirming a positive bias. Increased volume at the breakout suggests an influx of market participation. Moreover, the weekly RSI has crossed above its reference line and breached resistance at the 60 level, generating a buy signal. We recommend investors accumulate stock in a range of Rs 247-245.
Strategy: Accumulate
Target: Rs 265, Rs 290
Stop-Loss: Rs 238
Sunteck Realty | CMP: Rs 609.6
Sunteck Realty has successfully broken out above the 'Ascending Triangle' pattern on the weekly chart, suggesting a potential uptrend following the breakout. The stock's close above the weekly upper Bollinger Band signals a medium-term buy opportunity. Furthermore, it is positioned above critical short- and medium-term moving averages of 20, 50, 100, and 200 days, reinforcing a positive bias. The weekly RSI indicator remains above its reference line, indicating strength in the uptrend momentum. We recommend investors accumulate stock in a range of Rs 590-575.
Strategy: Accumulate
Target: Rs 700, Rs 730
Stop-Loss: Rs 549
Samvardhana Motherson International | CMP: Rs 187.72
Samvardhana Motherson has broken out above the multiple resistance zone around Rs 144 levels on the weekly chart, confirming the continuation of the medium-term uptrend. The stock exhibits a bullish trend on the daily chart, marked by higher highs and higher lows, supported by a medium-term upward-sloping trendline, reinforcing the upward trajectory. Increased volume at the breakout signals heightened market participation. Additionally, the weekly RSI strength indicator remains above its reference line, supporting a positive bias in the stock. We recommend investors accumulate stock in a range of Rs 180-170.
Strategy: Accumulate
Target: Rs 210-230
Stop-Loss: Rs 158
Vinay Rajani, CMT, Senior Technical and Derivative Analyst at HDFC Securities
Zensar Technologies | CMP: Rs 752
Zensar has broken out from the triple top resistance of Rs 660. The price rise was accompanied by healthy volumes. The stock price has been trading above all important moving averages, indicating a bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly and monthly charts. The stock price has been forming higher tops and higher bottoms on the weekly and monthly charts.
Strategy: Buy
Target: Rs 795, 860
Stop-Loss: Rs 691.25
Strides Pharma Science | CMP: Rs 945.4
After registering an all-time high at Rs 993, Strides Pharma has witnessed a running correction in the last three trading sessions. However, the primary trend of the stock is bullish as it is holding higher top and higher bottom formation on daily and weekly charts. The stock is placed above all important moving averages, indicating a bullish trend on all time frames.
Strategy: Buy
Target: Rs 1,045, 1,090
Stop-Loss: Rs 870
Ircon International | CMP: Rs 276.4
Ircon has been finding support on its 20 DEMA, which is currently placed at Rs 265 odd levels. The stock price has surpassed the previous swing high resistance of Rs 278.50. Railway stocks have regained the bullish momentum, and the primary uptrend of the sector has resumed. Indicators and oscillators have turned bullish on the stock.
Strategy: Buy
Target: Rs 299, Rs 325
Stop-Loss: Rs 265
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
Balaji Amines | CMP: Rs 2,398.6
Balaji Amines has recently exhibited two significant technical analysis signals that indicate a potential bullish shift. Firstly, there is a bullish divergence on the weekly RSI near the 40 level. This divergence suggests that while the stock's price was declining, the RSI was starting to increase, indicating a possible reversal in momentum. Secondly, the stock has broken through a bearish trendline that had been in place for approximately 2.75 years. This trendline breach is a critical signal, suggesting that the long-term bearish trend may be reversing to a bullish trend. Based on these technical indicators, investors and traders are advised to "go long" on Balaji Amines within the price range of Rs 2,375-2,400. The stock is projected to have an upside target of Rs 2,760 per share, highlighting significant profit potential. To mitigate risk, it is recommended to place a stop-loss near Rs 2,200 on a daily closing basis, ensuring protection against potential adverse movements.
Strategy: Buy
Target: Rs 2,760
Stop-Loss: Rs 2,200
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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