Equity benchmarks extended their downward trajectory for another session, with the Nifty 50 falling by 0.8% on August 1. Bears maintained control over market breadth, as 2,035 shares declined compared to 632 advancing shares on the NSE. While the market may rebound following last week’s sell-off, the key factor to watch is sustainability. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Star Cement | CMP: Rs 243.85
On the weekly chart, Star Cement has decisively surpassed the five-month multiple resistance zone at Rs 236 on a closing basis. The past couple of weeks have witnessed rising volumes, signifying increased participation. The weekly Bollinger Bands buy signal indicates growing momentum. The stock is trading well above its 20-, 50-, 100-, and 200-day SMAs, reinforcing the bullish trend. These averages are also gradually rising alongside the price, supporting bullish sentiment. The daily, weekly, and monthly RSI indicators all point to increasing strength.
Strategy: Buy
Target: Rs 265, Rs 285
Stop-Loss: Rs 238
Fortis Healthcare | CMP: Rs 859
Fortis Healthcare is in a strong uptrend across all time frames, forming a consistent series of higher tops and bottoms. The stock recently registered an all-time high at Rs 867, reflecting continued bullish sentiment. It remains well above its 20-, 50-, 100-, and 200-day SMAs, all of which are trending upward in line with the price. The daily, weekly, and monthly RSI indicators confirm rising strength.
Strategy: Buy
Target: Rs 913, Rs 950
Stop-Loss: Rs 830
Vimta Labs | CMP: Rs 688.4
Following last week’s gains, Vimta Labs has decisively broken out of a 6–8 month consolidation zone (Rs 605–415) on a weekly closing basis. Rising volumes over the past three weeks indicate increased investor participation. The stock is currently trading above its 20-, 50-, 100-, and 200-day SMAs, affirming a bullish trend. The daily and weekly Bollinger Bands buy signals point to growing momentum. The daily, weekly, and monthly RSI indicators all show increasing strength.
Strategy: Buy
Target: Rs 800, Rs 890
Stop-Loss: Rs 625
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
Asian Paints | CMP: Rs 2,431
Asian Paints demonstrated a strong recovery last week and has now surpassed all major EMAs on the daily chart. The stock has retraced nearly 61.80% of its recent rally and has gained momentum post its quarterly earnings, suggesting potential for further upside. The alignment of momentum indicators with a positive crossover among EMAs, along with a strong rise in trading volumes, suggests sustained bullish momentum in the near term. Hence, we recommend buying Asian Paints around Rs 2,400.
Strategy: Buy
Target: Rs 2,540, Rs 2,570
Stop-Loss: Rs 2,300
Schaeffler India | CMP: Rs 4,100.8
Schaeffler India has seen a decent surge recently, followed by consolidation in the form of a 'Flag' pattern on the daily chart. The stock is hovering near its 20 DEMA, with a bullish bias. It has formed a higher low on the daily chart and displays a positive crossover in technical indicators, further reinforcing bullish sentiment. From a risk-reward perspective, the setup is favourable for short- to medium-term gains. We recommend buying Schaeffler India around Rs 4,100–Rs 4,050.
Strategy: Buy
Target: Rs 4,450, Rs 4,700
Stop-Loss: Rs 3,800
Anshul Jain, Head of Research at Lakshmishree Investments
Hitachi Energy India | CMP: Rs 20,550
Hitachi Energy India has broken out of a 39-day-long cup and handle pattern at Rs 20,400, demonstrating strong momentum. Notably, the stock has maintained its position near recent highs despite broader market corrections — a clear sign of relative strength on both daily and weekly charts. Its ability to resist selling pressure and maintain structure reflects strong underlying demand. This kind of outperformance amid market weakness signals bullish intent and positions the stock well for further gains if broader sentiment stabilizes.
Strategy: Buy
Target: Rs 23,500
Stop-Loss: Rs 19,500
AGI Infra | CMP: Rs 1,075.9
AGI Infra is displaying strong relative strength compared to the Nifty, which has declined over 4.4% in the past 24 days, while AGI has gained over 21% — a clear indication of institutional accumulation. The stock recently broke out of a 121-day cup and handle pattern and is now forming an 8-day flag, resembling a base-on-base setup. This structure is considered superior as it often leads to sustained momentum, especially when followed by a breakout on strong volumes. With the price holding firm and the pattern tightening, a high-volume breakout could trigger the next sharp leg up.
Strategy: Buy
Target: Rs 1,200
Stop-Loss: Rs 1,025
Metropolis Healthcare | CMP: Rs 2037.7
Metropolis Healthcare broke out of a 101-day-long cup and handle pattern at Rs 1,880 on July 9, supported by a massive volume spike — over 1,525% of its 50-day average — indicating strong institutional interest. Following the breakout, the stock has consolidated over the last 16 sessions within the breakout bar’s range — a classic sign of healthy accumulation. This tight price action amid broader market volatility reflects strong relative strength versus the Nifty. A breakout above Rs 2,120 will confirm continuation and could lead to a sharp rally, with an immediate target of Rs 2,600 in the coming weeks.
Strategy: Buy
Target: Rs 2,600
Stop-Loss: Rs 1,920
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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