The benchmark indices gained nearly 0.4 percent on September 17, with the Nifty 50 closing above 25,300. The market breadth was positive. A total of 1,592 shares advanced, while 1,215 shares declined on the NSE. The trend is likely to remain favourable for the bulls, but some consolidation can't be ruled out. Below are some short-term trading ideas to consider:
Rupak De, Senior Technical Analyst at LKP Securities
KPIT Technologies | CMP: Rs 1,296.9
KPIT Technologies has moved above its consolidation range, confirming a directional move to the upside. Additionally, the price has been trading above the 21EMA for quite some time, indicating a sustained positive trend. The RSI has also found support above its previous congestion zone. In the short term, the trend is likely to remain positive, with the potential to rise towards Rs 1,400.
Strategy: Buy
Target: Rs 1,400
Stop-Loss: Rs 1,239
Bank of India | CMP: Rs 119.64
Bank of India has moved above a downward consolidation, signaling a further rise. The price is sustaining above a critical moving average, indicating strength. Additionally, the RSI has broken out above a falling trendline, confirming strong bullish momentum. In the short term, the trend is likely to remain strong. On the upside, the stock may move towards Rs 126.
Strategy: Buy
Target: Rs 126
Stop-Loss: Rs 116
Multi Commodity Exchange of India | CMP: Rs 7,918.5
MCX India has moved up significantly after a sharp decline in the preceding few weeks. The recent upmove has taken the price above the 21EMA on the daily chart. Additionally, the RSI is showing a positive divergence, indicating strengthening momentum. In the short term, the trend is likely to remain strong. On the higher side, the stock may move towards Rs 8,500.
Strategy: Buy
Target: Rs 8,500
Stop-Loss: Rs 7,750
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking
Mahindra and Mahindra Financial Services | CMP: Rs 282
M&M Financial has broken out of a symmetrical triangle pattern on the daily chart and is currently trading well above all its key short-term and long-term moving averages. Additionally, the momentum indicator MACD has given a bullish crossover above the zero line, further reinforcing the positive outlook. Based on this setup, we anticipate a continued upward move towards Rs 301.
Strategy: Buy
Target: Rs 301
Stop-Loss: Rs 272
Tata Consumer Products | CMP: Rs 1,136.3
Tata Consumer Products has broken out of a channel pattern accompanied by higher-than-average volumes, indicating strong buying interest. On the derivatives front, fresh long positions have been added, further supporting the bullish sentiment. The RSI has moved above the 60 mark, signaling underlying strength in the stock. A conservative upside target is seen around Rs 1,170, with the potential to reach a new all-time high near Rs 1,235.
Strategy: Buy
Target: Rs 1,235
Stop-Loss: Rs 1,080
Computer Age Management Services | CMP: Rs 4,013.7
Computer Age Management Services (CAMS) has given a breakout from a symmetrical triangle pattern on the daily chart, signaling a continuation of its upward trend. The breakout was supported by strong volumes, highlighting robust underlying strength. Based on the pattern projection, the upside target is around Rs 4,300, while immediate support is placed at Rs 3,840. Given these technical indications, the stock is likely to maintain its positive momentum in the near term, and a buy-on-dips approach is recommended.
Strategy: Buy
Target: Rs 4,300
Stop-Loss: Rs 3,840
Riyank Arora, Technical Analyst at Mehta Equities
Indian Renewable Energy Development Agency | CMP: Rs 154
IREDA has confirmed a breakout above its key resistance at Rs 152 and closed firmly higher, signaling strength. The RSI (14) at 64.24 and a positive MACD crossover highlight strong momentum, while increasing volumes suggest further buying interest. The stock shows potential to extend gains towards Rs 170 and above in the near term. Traders are advised to maintain a strict stop-loss at Rs 149 to protect positions while aiming for higher levels on continued momentum.
Strategy: Buy
Target: Rs 170
Stop-Loss: Rs 149
Sigachi Industries | CMP: Rs 44.38
Sigachi Industries has seen a notable surge in volumes alongside strong momentum, with the RSI (14) at 81.34 and the MACD showing a positive crossover. The stock has also broken out above its anchor VWAP (volume weighted average price) resistance, confirming bullish strength. The setup points to a potential move towards Rs 55 and beyond in the short term.
Strategy: Buy
Target: Rs 55
Stop-Loss: Rs 40
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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