The benchmark indices recorded a 1.5% rally on March 18, extending their upward journey for the second consecutive session, with a healthy improvement in market breadth. A total of 2,122 shares saw buying interest compared to 520 declining shares on the NSE. The market is expected to remain in positive territory amid consolidation. Below are some trading ideas for the near term:
Amol Athawale, VP-technical Research at Kotak Securities
Can Fin Homes | CMP: Rs 643.55
After a short-term correction, Can Fin Homes has rebounded and is now in a rising channel. Moreover, the daily charts show that the counter has formed a Cup and Handle chart formation. Therefore, a breakout from the resistance zone, leading to a bullish continuation rally, is very likely to occur in the coming trading sessions.
Strategy: Buy
Target: Rs 690
Stop-Loss: Rs 620
State Bank of India | CMP: Rs 736.7
Post a decline from the higher levels, SBI has rebounded from its support zone on the daily charts. Additionally, there has been a breakout from a sloping trend line, accompanied by decent volume activity. The counter is witnessing a steady recovery from the lower levels, suggesting a new leg of a bullish trend in the near term.
Strategy: Buy
Target: Rs 790
Stop-Loss: Rs 710
Tata Steel | CMP: Rs 154.66
After the remarkable uptrend of the last few weeks, Tata Steel witnessed consolidation near the resistance zone. However, following the upward rally, the counter comfortably closed above its breakout zone. The closing above the resistance zone on the daily scale suggests a bullish continuation chart structure, and the uptrend is likely to persist in the coming horizon.
Strategy: Buy
Target: Rs 165
Stop-Loss: Rs 149
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Gabriel India | CMP: Rs 572
In the previous session, Gabriel India closed with a significant gain of 11.7% and formed a strong bullish candle, which is a positive sign. The stock had been consolidating and moving within a rectangular range since September 2024, indicating accumulation. However, in the previous session, the stock broke out of this range, closing above Rs 559, confirming the breakout.
Furthermore, the recent bullish crossover between the 15 EMA (Exponential Moving Average) and the 30 EMA indicates that the short-term bias is likely to remain bullish. In summary, the trend for the stock is bullish. One can use a buy-on-dips approach to ride the trend, with a target of Rs 607. On the downside, Rs 535 is the immediate support.
Strategy: Buy
Target: Rs 607
Stop-Loss: Rs 535
Godrej Consumer Products | CMP: Rs 1,083.65
The FMCG sector was one of the top contributors to the rise in Nifty. In the previous session, Godrej Consumer Products benefitted from the sector’s gain and participated in the rise. The stock surged by 3%, supported by a significant increase in volume, which is a strong bullish sign. Prices have finally broken above the previous swing high of Rs 1,080, and follow-up buying can further intensify buying pressure in the stock.
The stock is now moving toward the upper end of the channel, which is near Rs 1,135. Additionally, Parabolic SAR dots have recently started to form below the prices, suggesting that positive momentum has started to build up. In summary, the current trend for the stock has shifted to the positive side. A break above Rs 1,095 could further lift the prices toward Rs 1,135, followed by Rs 1,185. On the downside, Rs 1,050 is the nearest support.
Strategy: Buy
Target: Rs 1,135, Rs 1,185
Stop-Loss: Rs 1,050
Amber Enterprises India | CMP: Rs 6,632.85
Amber Enterprises has consistently continued to perform well. On the daily chart, we can observe that since March 4, prices have managed to protect the prior day’s low on a closing basis and have gained more than 22% since then, suggesting that the daily trend is in favour of the bulls. Moreover, the prices for the past few sessions have been closing near the upper Bollinger Bands, highlighting the strength of the ongoing trend. A breakout is now needed for the bullish momentum to continue.
Additionally, the MACD (Moving Average Convergence Divergence) showed a bullish crossover at the start of March, and the stock has consistently shown positive momentum since then. In summary, the current trend for Amber Industries is bullish. A break above Rs 6,730 could lift the prices toward Rs 7,010, followed by Rs 7,280. On the downside, Rs 6,450 is an important support level to watch.
Strategy: Buy
Target: Rs 7,010, Rs 7,280
Stop-Loss: Rs 6,450
Subash Gangadharan, Senior Technical & Derivative Analyst at HDFC Securities
Cipla | CMP: Rs 1,508.65
Cipla is in a healthy short-term uptrend. After a recent correction, the stock has bounced from around Rs 1,400, where it also formed a double bottom. This week, the stock managed to cross its previous swing high of Rs 1,502, backed by healthy volumes, and closed above the key moving averages. Momentum indicators, such as the 14-day RSI, are also in rising mode, which bodes well for the continuation of the uptrend.
Strategy: Buy
Target: Rs 1,600
Stop-Loss: Rs 1,450
NCC | CMP: Rs 191.33
NCC has bounced from a low of Rs 170, which coincides with the 200-week EMA. The stock then consolidated in a tight range before breaking out on Tuesday, supported by above-average volumes. The 20-day SMA is providing support, and momentum indicators like the 14-day RSI have bounced back from oversold levels, which suggests that the uptrend is likely to continue.
Strategy: Buy
Target: Rs 200
Stop-Loss: Rs 184
Torrent Power | CMP: Rs 1,376
Torrent Power is in a short-term uptrend, as it has been making higher tops and higher bottoms in the last few weeks. This week, the stock bounced from the 20-day SMA and crossed its previous swing high, closing above the 50-day SMA on the back of above-average volumes. The 14-day RSI is also in rising mode and above its 9-day EMA, which implies that momentum is picking up.
Strategy: Buy
Target: Rs 1,480
Stop-Loss: Rs 1,300
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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