The benchmark indices closed flat amid rangebound trading on June 10, with the Nifty 50 continuing its upward trend for the fifth straight session. Market breadth remained positive, with about 1,463 shares advancing compared to 1,137 declining shares on the NSE. The market may attempt to continue its upward journey amid rangebound trading in the upcoming sessions. Below are some short-term trading ideas to consider:
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Ramco Cements | CMP: Rs 1,067.75
On the daily timeframe, Ramco Cements has been forming a classic rounding bottom pattern since December 2024. In the previous session, the stock finally gave a breakout of the pattern, closing above the neckline at Rs 1,060. Over the past eight trading sessions, the stock has not closed below its previous day’s low, indicating strength in the ongoing rally. Additionally, the price took support near the Ichimoku cloud at the start of June and bounced upward. In summary, the current trend is bullish. Use dips as buying opportunities for targets of Rs 1,100 followed by Rs 1,150. On the downside, Rs 1,025 is the nearest support.
Strategy: Buy
Target: Rs 1,100, Rs 1,150
Stop-Loss: Rs 1,025
Mphasis | CMP: Rs 2,671.4
The IT sector has shown a strong recovery over the past two sessions, with Mphasis emerging as one of the major gainers—a strong bullish signal. Based on the 3-candlestick rule, the daily trend for Mphasis has turned bullish. In the previous session, the stock broke above its prior swing high of Rs 2,643 and closed above it, which is a positive development.
Bollinger Bands have also started expanding, suggesting increased volatility and a potential trending move. The RSI is currently at 66, leaving room for further upside. In summary, the trend has turned positive. A break above Rs 2,685 can boost momentum toward Rs 2,795, followed by Rs 2,900. On the downside, Rs 2,575 is the nearest support level.
Strategy: Buy
Target: Rs 2,795, Rs 2,900
Stop-Loss: Rs 2,575
CRISIL | CMP: Rs 5,510.5
CRISIL recently broke out above its downward-sloping channel in May and has since rallied over 18%, indicating strong bullish sentiment. Over the past five sessions, it has consistently protected its previous day’s low on a closing basis, keeping the daily undertone positive.
The stock has retraced 50% of its prior fall (which started in December 2024) and now looks poised to reach the 61.8% Fibonacci retracement level at Rs 5,810. Additionally, the MACD has given a bullish crossover, reinforcing the positive outlook. In summary, the trend remains bullish. A break above Rs 5,540 can extend the move toward Rs 5,810, followed by Rs 6,095. On the downside, Rs 5,260 is the key support level.
Strategy: Buy
Target: Rs 5,810, Rs 6,095
Stop-Loss: Rs 5,260
Subash Gangadharan, Senior Technical Derivative Analyst at HDFC Securities
Prism Johnson | CMP: Rs 151.07
Prism Johnson recently bounced from a low of Rs 105 and has been forming higher tops and higher bottoms. This week, the stock broke out of its recent trading range and closed above the 200-day EMA with strong volume. It is now trading above the 20-day and 50-day SMAs, and momentum indicators like the 14-week RSI are rising and not yet overbought. In summary, the uptrend is expected to continue.
Strategy: Buy
Target: Rs 170
Stop-Loss: Rs 138
NELCO | CMP: Rs 978.45
NELCO has rallied significantly in recent weeks after forming a double bottom around Rs 750. This week, the stock surpassed recent highs on strong volume. It has closed above key moving averages, and momentum indicators like the 14-day RSI are rising but not overbought, which supports the continuation of the uptrend. Positive patterns on weekly and monthly charts further support a bullish outlook.
Strategy: Buy
Target: Rs 1,100
Stop-Loss: Rs 890
NIIT | CMP: Rs 142.48
NIIT has reversed its recent downtrend after forming a double bottom around Rs 104. A positive moving average crossover occurred recently, with the 20-day SMA crossing above the 50-day SMA. This week, the stock broke out of a narrow trading range on strong volume, suggesting further upside potential in the coming weeks.
Strategy: Buy
Target: Rs 160
Stop-Loss: Rs 134
Amol Athawale, VP- Technical Research at Kotak Securities
Tech Mahindra | CMP: Rs 1,610.9
Tech Mahindra has given a breakout from a symmetrical triangle pattern on the back of bullish candlestick formations and increasing volumes. On both daily and weekly charts, it is forming a higher-bottom series, indicating further bullish momentum. As long as the stock trades above Rs 1,555, positional traders can maintain a bullish stance with a target of Rs 1,720.
Strategy: Buy
Target: Rs 1,720
Stop-Loss: Rs 1,555
BHEL | CMP: Rs 260.55
On the daily chart, Bharat Heavy Electricals (BHEL) is in a rising channel pattern with a higher-high and higher-low structure. The stock has been recovering steadily from support levels. The RSI also suggests further upside potential. For positional traders, Rs 250 is the key level. Sustaining above it can lead to an uptrend toward Rs 280. However, a close below Rs 250 may warrant exiting long positions.
Strategy: Buy
Target: Rs 280
Stop-Loss: Rs 250
Jindal Steel & Power | CMP: Rs 973.7
After a recent up move, Jindal Steel & Power saw a gradual decline but has now broken out from a Flag pattern with decent volumes. This breakout indicates a potential continuation of the uptrend. Rs 940 is the key trend-decider level. Sustaining above it can lead to an upside toward Rs 1,040.
Strategy: Buy
Target: Rs 1,040
Stop-Loss: Rs 940
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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