The benchmark indices significantly cut down intraday losses and closed moderately lower on January 8. The market breadth was also weak, with a total of 1,719 shares declining against 792 shares rising on the NSE. The consolidation is expected to continue as long as the frontline indices trade below all key moving averages. Below are some trading ideas for the near term:
Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan
Bajaj Finserv | CMP: Rs 1,697
Bajaj Finserv has been consolidating over the last four trading sessions after a sharp run-up. It has now reached the support zone of Rs 1,680–1,660, which coincides with key hourly moving averages, and is witnessing buying interest. We believe this consolidation is a brief pause in the overall uptrend, and we expect the stock to resume its next leg of upward movement. On the upside, we expect the stock to target levels of Rs 1,777–1,795. A stop-loss of Rs 1,640 should be maintained for long positions.
Strategy: Buy
Target: Rs 1,777, Rs 1,795
Stop-Loss: Rs 1,640
Tata Motors | CMP: Rs 795
Tata Motors has broken out of a falling channel and has started to form higher tops and higher bottoms on the daily charts, suggesting a trend reversal. The daily momentum indicator has triggered a positive crossover after showing a positive divergence, which is a bullish sign and a buy signal. We expect a sharp upmove in the stock over the next few trading sessions. One can go long in the stock with a target of Rs 845–882 over the next few trading sessions. A stop-loss of Rs 745 should be maintained for long positions.
Strategy: Buy
Target: Rs 845, Rs 882
Stop-Loss: Rs 745
Vidnyan S Sawant, Head of Research at GEPL Capital
Anant Raj | CMP: Rs 935.55
Anant Raj has displayed a strong price structure since 2022 and recently broke above a three-week high, indicating a likely continuation of its upward trajectory. On the daily chart, the stock remains well-supported above its 12-day EMA (Exponential Moving Average), demonstrating resilience and a strong trend despite current market volatility. A surge in volume above the 10-week average highlights increased buying interest, while a MACD (Moving Average Convergence Divergence) bullish crossover and RSI (Relative Strength Index) above 70 confirm the continuation of positive momentum.
Strategy: Buy
Target: Rs 1,075
Stop-Loss: Rs 865
BSE | CMP: Rs 5,400.4
BSE has been maintaining a bullish structure, continuing its upward trajectory after experiencing polarity from the channel on the weekly scale. The stock remains well above its key 12-week and 26-week EMAs, highlighting a strong trend, with the MACD further confirming bullish momentum. On the daily chart, a bullish mean reversion from the 40-day EMA signals a likely continuation of the uptrend.
Strategy: Buy
Target: Rs 6,335
Stop-Loss: Rs 5,030
Kirloskar Brothers | CMP: Rs 2,225.6
Kirloskar Brothers continues its upward trajectory, forming higher bottoms and consistently trading above the 12-week and 26-week EMAs, reinforcing its bullish momentum. The weekly RSI remains in buy mode, reflecting strong bullish sentiment. On the daily chart, the stock recently recorded a single-day volume exceeding the 4-year average, signaling the potential for sustained momentum ahead.
Strategy: Buy
Target: Rs 2,670
Stop-Loss: Rs 2,070
Oberoi Realty | CMP: Rs 2,282.4
Oberoi Realty is in a rising trend on the weekly scale, maintaining strong support above its 12-week and 26-week EMAs. On the daily scale, the stock shows bullish mean reversion signals, indicating a likely continuation of its upward trajectory. The MACD remains in buy mode, further confirming the positive momentum.
Strategy: Buy
Target: Rs 2,660
Stop-Loss: Rs 2,100
Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities
Oil India | CMP: Rs 491.7
Oil India has been maintaining its downtrend, as prices have witnessed a series of declines from the Rs 750 level towards the Rs 420 level over the months. Recently, the stock recovered from the Rs 420 level and gained fresh momentum above its 200-day EMA on the daily charts after forming a rounding bottom pattern. On broader charts, the stock has also given a breakout above the falling trendline of the declining channel. Therefore, one can accumulate the stock in the range of Rs 480–490 for the expected upside of Rs 575–585 levels.
Strategy: Buy
Target: Rs 575, Rs 585
Stop-Loss: Rs 420
Concord Biotech | CMP: Rs 2,262.9
Concord Biotech has been consolidating within a broader range of Rs 2,050–2,250, with prices sustaining well below its 200-day EMA on the daily charts. Technically, the stock has formed a rectangle pattern on the daily charts, with a breakout seen above the key resistance of Rs 2,250, accompanied by marginally higher volumes. Therefore, one can accumulate the stock in the range of Rs 2,250–2,260 for the expected upside of Rs 2,575–2,590 levels.
Strategy: Buy
Target: Rs 2,575, Rs 2,590
Stop-Loss: Rs 2,050
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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