The benchmark indices recorded a notable recovery from the day's low for another session, closing flat with a negative bias on July 11, while the breadth was positive. About 1,403 shares advanced, while 924 shares declined on the NSE. The Nifty 50 continued to defend 24,300, and if it breaks this level, then 24,200-24,100 is the next likely support area, while the resistance is placed at the 24,400-24,500 zone. Here are some trading ideas for the near term:
Amol Athawale, VP-Technical Research at Kotak Securities
Voltas | CMP: Rs 1,512.8
Voltas has shown a robust rally from the lower levels in recent sessions. Additionally, it is continuously trading in an ascending triangle chart formation along with decent volume activity. Therefore, the overall formation indicates a likely breakout for a new leg of an up move from the current levels.
Strategy: Buy
Target: Rs 1,620
Stop-Loss: Rs 1,460
LIC Housing Finance | CMP: Rs 790.75
After a sharp uptrend rally, LIC Housing Finance witnessed a bit of selling pressure but eventually moved to a higher side after taking support. On daily charts, the stock has given a fresh breakout from the sloping trendline, indicating further bullish momentum in the coming horizon.
Strategy: Buy
Target: Rs 850
Stop-Loss: Rs 760
Bharat Petroleum Corporation | CMP: Rs 306.6
After the downward trend from the levels of around Rs 340, the bearish trend took a pause. Bharat Petroleum Corporation (BPCL) was in a rangebound formation for quite some time, which had emerged as a strong base for reversal in the counter. Recently, the breakout from the symmetrical triangle chart formation on the daily scale hints at strong upside movement in the coming trading sessions.
Strategy: Buy
Target: Rs 330
Stop-Loss: Rs 295
Chandan Taparia, Head - Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services
BHEL | CMP: Rs 332.7
Bharat Heavy Electricals (BHEL) has given a range breakout on the daily chart and is holding gains at higher zones. Buying is visible across the CPSE Index, which may support the ongoing up move.
Strategy: Buy
Target: Rs 350
Stop-Loss: Rs 320
Tata Motors | CMP: Rs 1,020.8
Tata Motors is in an overall uptrend and gave a trendline breakout on the daily scale. It is trading above all crucial moving averages, and supports are gradually shifting higher.
Strategy: Buy
Target: Rs 1,080
Stop-Loss: Rs 990
Mandar Bhojane, Equity Research Analyst at Choice Broking
Engineers India | CMP: Rs 290.25
Engineers India has recently seen a breakout of an ascending triangle on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 295 level, it may have the potential to reach short-term targets of Rs 370 and Rs 400. On the other hand, immediate support levels are located at Rs 265. These levels can be considered as opportunities to buy on dips. The Relative Strength Index (RSI) currently stands at 66.83 and is trending upward, indicating increasing buying momentum.
Strategy: Buy
Target: Rs 370, Rs 400
Stop-Loss: Rs 250
Gujarat Pipapav Port | CMP: Rs 236.63
Gujarat Pipavav Port has recently seen a breakout of rounding breakout on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 240 level, it may have the potential to reach short-term targets of Rs 280 and Rs 300. On the other hand, immediate support levels are located at Rs 220. These levels can be considered as opportunities to buy on dips. The RSI currently stands at 67.5 and is trending upward, indicating increasing buying momentum.
Strategy: Buy
Target: Rs 280, Rs 300
Stop-Loss: Rs 210
DCX Systems | CMP: Rs 434.25
DCX Systems has recently seen a breakaway gap up and is trading in range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 444 level, it may have the potential to reach short-term targets of Rs 530 and Rs 560. On the other hand, immediate support levels are located at Rs 390. These levels can be considered as opportunities to buy on dips. The RSI currently stands at 70 and is trending upward, indicating increasing buying momentum.
Strategy: Buy
Target: Rs 530, Rs 560
Stop-Loss: Rs 350
Kunal Kamble, Senior Technical Research Analyst at Bonanza Portfolio
Hindustan Petrolum Corporation | CMP: Rs 350
During June 18 to July 2, Hindustan Petroleum Corporation experienced selling pressure. A struggle between the bear and bull occurred within the Rs 326-336 levels. The stock opened with a gap up at Rs 339 and closed at Rs 349.50, suggesting a breakaway gap. The increase in volume indicates growing interest from buyers in the security. The price trading above the 50 (DEMA) signals an upward trend in the security. The RSI's upward movement is endorsing the price action. Based on the technical setup above, an upward movement towards Rs 378 is anticipated as long as it maintains levels above Rs 338.
Strategy: Buy
Target: Rs 370, Rs 390
Stop-Loss: Rs 338
ITC | CMP: Rs 458.65
A breakout of the Cup and Handle pattern has occurred in ITC, suggesting growing interest from buyers due to a consistent increase in volume. The price is currently trading above the 50 DEMA, signalling an upward trend in the security. Following a period of cooling off, the RSI has begun moving in a positive direction, further supporting the trend. The fact that DI+ (directional indicator) is trading above DI- reflects favourable strength, and the strength of the move is indicated by ADX (average directional index) trading above DI-.
Strategy: Buy
Target: Rs 480, Rs 500
Stop-Loss: Rs 434
Piramal Enterprises | CMP: Rs 934.4
On July 3, Piramal Enterprises broke out of a falling trendline and subsequently retraced towards the 50 (DEMA). Near the DEMA, the security found support and closed above the falling trendline, signalling a continuation of the uptrend. The increase in trading volume suggests growing interest from buyers in Piramal Enterprises. The RSI trading at higher levels indicates an ongoing uptrend in the security. Based on the technical analysis provided, it is expected that the stock will move upward towards Rs 976, as long as Piramal Enterprises maintains levels above Rs 904.
Strategy: Buy
Target: Rs 970, Rs 1,015
Stop-Loss: Rs 860
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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