The benchmark indices recorded a healthy recovery from the day's low, with the Nifty 50 regaining over 150 points in late trade to close moderately in the green on July 5. About 1,371 shares advanced, and 982 shares declined on the NSE. The 24,500 level is likely to be key resistance as long as the index holds 24,200 support, and above this, 24,800 is the level to watch. Here are some trading ideas for the near term:
Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
Aarti Industries | CMP: Rs 721.90
Aarti Industries witnessed a substantial increase in price over the last couple of trading sessions from the 21 DEMA (Days Exponential Moving Average) on the daily chart. Additionally, the counter is witnessing a positive crossover of 21 DEMA to 50 DEMA, indicating a positive development. From a technical standpoint, the counter has reversed from critical support and is likely to witness a ‘Cup and Handle’ pattern breakout on the daily timeframe, suggesting robust development. On the oscillator front, the 14-period RSI (Relative Strength Index) signals a continuation move, suggesting a potential upside. Hence, we recommend buying Aarti Industries around Rs 715-710.
Strategy: Buy
Target: Rs 760, Rs 780
Stop-Loss: Rs 680
Mishra Dhatu Nigam | CMP: Rs 495.90
Mishra Dhatu Nigam (MIDHANI) Mishra Dhatu Nigam witnessed a decisive breakout last trading week, soaring nearly 8 percent. The counter has shown very strong traction at its 21 DEMA after consolidating near the 20 DEMA and seems poised to continue its upward move. Additionally, the counter witnessed a sloping trendline breakout, adding a bullish undertone. On the oscillator front, MACD (Moving Average Convergence Divergence) signals a continuation move, suggesting a potential upside for the counter. Hence, we recommend buying Mishra Dhatu Nigam around Rs 490.
Strategy: Buy
Target: Rs 550, Rs 580
Stop-Loss: Rs 450
New India Assurance Company | CMP: Rs 273.85
New India Assurance Company (NIACL) has seen a volume-backed breakout after substantial consolidation over the last couple of trading months. The counter has gained strong traction in the last couple of trading sessions from the cluster of its major EMAs on the daily chart, suggesting 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 positive crossover, suggesting a potential upside move. Hence, we recommend buying NIACL around Rs 270-265.
Strategy: Buy
Target: Rs 320, Rs 330
Stop-Loss: Rs 240
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Coforge | CMP: Rs 5,870
Since May 2024, Coforge has witnessed a vertical run-up along with huge volumes indicating buying support at lower levels. The positive crossover of the 20 and 50-day SMA (Simple Moving Average) indicates a bullish trend. With Friday's close, the stock has retraced its past downfall (Rs 6,847-4,287) by 61.80 percent Fibonacci levels (Rs 5,869). Hence, on the upside, Rs 5,869 remains a crucial level to watch for. Any sustainable upward move above this level may lead to upside momentum towards Rs 6,400. The daily, weekly, and monthly strength indicator RSI is in positive terrain, justifying rising strength across all time frames. Investors should buy, hold, and accumulate this stock with an expected upside of Rs 6,200-6,400, with a downside support zone of Rs 5,700-5,620.
Strategy: Buy
Target: Rs 6,200, Rs 6,400
Stop-Loss: Rs 5,700, Rs 5,620
Ircon International | CMP: Rs 308
With Friday's strong gains of 10 percent, Ircon has registered an all-time high at Rs 315, indicating bullish sentiments. It has also decisively broken out of its "multiple resistance" zone at Rs 300 on a closing basis, indicating a positive bias. This breakout is accompanied by huge volumes, signifying increased participation. The stock has been well-placed above its 20, 50, 100, and 200-day SMA, and these averages are also inching up along with the price rise, reaffirming the bullish trend. Investors should buy, hold, and accumulate this stock with an expected upside of Rs 320-335, with a downside support zone of Rs 300-285.
Strategy: Buy
Target: Rs 320, Rs 335
Stop-Loss: Rs 300, Rs 285
Apollo Hospitals Enterprise | CMP: Rs 6,328.55
On the daily chart, Apollo Hospitals has confirmed an "Inverse Head & Shoulder" breakout at Rs 6,282 on a closing basis. The stock has been well-placed above its 20, 50, 100, and 200-day SMA, and these averages are also inching up along with the price rise, reaffirming the bullish trend. The stock has recaptured its 20 and 50-day SMA and rebounded sharply, indicating bullish sentiments. The daily, weekly, and monthly strength indicator RSI is in positive terrain, justifying rising strength across all time frames. Investors should buy, hold, and accumulate this stock with an expected upside of Rs 6,500-6,630, with a downside support zone of Rs 6,240-6,150.
Strategy: Buy
Target: Rs 6,500, Rs 6,630
Stop-Loss: Rs 6,240, Rs 6,150
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Nuvoco Vistas Corporation | CMP: Rs 373
Nuvoco Vistas Corporation has bounced back sharply since last week. After repeated testing of the crucial resistance of a down-sloping trendline around Rs 365, the stock price has started to show an upside breakout of the hurdle. Hence, there is a higher possibility of further extension of upside momentum in the coming week. Volume has started to expand during the upside breakout, and the weekly 14-period RSI shows positive indications.
Strategy: Buy
Target: Rs 410
Stop-Loss: Rs 352
Jyothy Labs | CMP: Rs 471.5
Jyothy Labs Jyothy Labs has been showing a larger degree accumulation pattern on the weekly chart for the past few months. Currently, it is attempting to break above the consolidation hurdle at Rs 465-468 on the weekly chart. We also observe a rising three-method candle formation on the weekly timeframe chart. The stock price is currently trading above the 10 and 20-week EMA. Oscillators are showing positive indications.
Strategy: Buy
Target: Rs 520
Stop-Loss: Rs 445
Hindustan Copper | CMP: Rs 330.80
The downward correction of the last month is in the process of completion in Hindustan Copper, the metal stock. The stock price has started to form a crucial bottom reversal at the lows of Rs 313 in the last couple of weeks. We observe the formation of bullish candle patterns at the support of the weekly 20-period EMA last week, indicating the possibility of a sharp upside bounce. Volume and weekly 14-period RSI are showing positive indications.
Strategy: Buy
Target: Rs 365
Stop-Loss: Rs 312
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
SJVN | CMP: Rs 142
SJVN recently experienced a breakout on the daily chart, indicating a potential bullish trend. Prior to this breakout, the stock had been consolidating for 18 days, precisely on the 50-day DEMA on the daily scale. This consolidation phase created a solid foundation for the subsequent breakout. The stock closed above the 18-day high of Rs 139 and is currently positioned near Rs 142. Additionally, the daily RSI has reversed from 40 and is now near 60, which is a positive indicator for SJVN. Based on this analysis, we recommend taking a long position on SJVN within the price range of Rs 140-142.
Strategy: Buy
Target: Rs 155
Stop-Loss: Rs 134
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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