The market recovered all of its Thursday's losses in the first two days of the December series, rising by six-tenths of a percent on December 2 with positive breadth. About 1,620 shares advanced against 912 declining shares on the NSE. The trend is likely to remain positive, but consolidation cannot be ruled out until the benchmark indices decisively surpass the 50 percent Fibonacci retracement. Below are some trading ideas for the near term:
Anshul Jain, Head of Research at Lakshmishree Investments
ADF Foods | CMP: Rs 338
ADF Foods has delivered a bullish breakout from a 32-day-long Cup-and-Handle pattern at the Rs 335 level, supported by a 125 percent surge in volumes above the 50-day average. This robust breakout signals strong buying interest and broad-based participation, making the stock a compelling pick.
Strategy: Buy
Target: Rs 400
Stop-Loss: Rs 299
Ashoka Buildcon | CMP: Rs 253.8
Ashoka Buildcon is showing strength with five tight closes on the monthly chart (where many months close within a small range), signaling accumulation. On the daily chart, the stock has broken out at Rs 252, accompanied by rising volumes on up days within the base—a clear sign of strong buying interest.
Strategy: Buy
Target: Rs 295
Stop-Loss: Rs 235
Geojit Financial Services | CMP: Rs 125.3
Geojit Financial is breaking out on the weekly charts from six weeks of tight closes (where many weeks close within a small range), a pattern that reflects strong accumulation. The breakout is accompanied by rising volumes, confirming the bullish structure and indicating robust buying interest.
Strategy: Buy
Target: Rs 155
Stop-Loss: Rs 115
Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities
Reliance Industries | CMP: Rs 1,309
Reliance has provided a breakout from a downtrend line resistance with a bullish crossover in its momentum indicator MACD (Moving Average Convergence Divergence) on the daily charts. It is expected to retrace its previous fall by almost 38.2 percent at least.
On derivatives data, the stock looks quite oversold as the open interest is at its peak since 2006, and the price had fallen. So, overall, there is heavy short buildup, and with a technical reversal, the stock is likely to bounce back due to short covering. There was heavy put writing at the Rs 1,300 strike, indicating that if it sustains above the Rs 1,300 level, there will be support from call unwinding as well.
Strategy: Buy
Target: Rs 1,340, Rs 1,360
Stop-Loss: Rs 1,284
Tata Motors | CMP: Rs 790
Tata Motors has provided a breakout from the falling trendline with a bullish crossover on its momentum indicator MACD on the daily charts. The stock has witnessed heavy shorts in futures, and there is an early reversal from the point of view of short covering. There is massive Call writing at the Rs 800 strike, so above the Rs 800 level, the stock is likely to witness heavy short covering.
Strategy: Buy
Target: Rs 815, Rs 830
Stop-Loss: Rs 777
Tata Steel | CMP: Rs 146.4
Tata Steel has technically provided a breakout from a symmetrical triangular pattern with a bullish crossover in its momentum indicator MACD on the hourly charts, which is a positive sign in the short term. The stock has heavy Call writing at the Rs 150 strike, which, when taken off, will lead to further short covering. There has been a positive divergence on the hourly charts in its momentum indicators, and the futures open interest indicates some further short covering in the near term.
Strategy: Buy
Target: Rs 151, Rs 155
Stop-Loss: Rs 142
Pravesh Gour, Senior Technical Analyst at Swastika Investmart
Affle India | CMP: Rs 1,736
Affle India is currently experiencing a breakout from a long-term consolidation phase on the daily chart, forming an Inverse Head & Shoulders pattern. This breakout is accompanied by strong volume and a close above the breakout level after a three-month period. On the upside, the immediate resistance is at Rs 1,800. If this level is surpassed, we can expect the price to move towards Rs 1,900 and beyond. On the downside, Rs 1,590 serves as a strong support zone in the event of a pullback.
Additionally, the momentum indicators are showing a positive outlook, with the RSI (Relative Strength Index) indicating strength, and the MACD also reinforcing the current bullish momentum.
Strategy: Buy
Target: Rs 1,946
Stop-Loss: Rs 1,590
Kaynes Technology India | CMP: Rs 6,319
Kaynes Technology is currently in a classic bullish trend, with a consistent pattern of higher highs and higher lows on the longer timeframe. The immediate resistance is around the previous swing high of Rs 6,600. A move above this level could drive the price towards Rs 6,800 in the near term. On the downside, the key support level is the previous breakout level of Rs 6,000, while Rs 5,800 acts as a strong demand zone. Momentum indicators remain positively aligned, further supporting the strength of the ongoing trend.
Strategy: Buy
Target: Rs 6,830
Stop-Loss: Rs 5,990
PB Fintech | CMP: Rs 1,945
PB Fintech has experienced a breakout from a Saucer pattern, forming a strong base around the 100-DMA (Day Moving Average) and surpassing its all-time high levels in the last trading session. The structure remains favourable as the counter is trading above all key moving averages. The momentum indicators are supportive, with the RSI showing positive momentum and the MACD undergoing an upward centerline crossover. On the upside, Rs 2,000 serves as a significant psychological resistance level, and a breakout above this could drive the price towards Rs 2,100+ in the near term. On the downside, Rs 1,800 is a key support level during any potential correction.
Strategy: Buy
Target: Rs 2,140
Stop-Loss: Rs 1,800
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.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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