The benchmark indices finished the session at fresh record closing highs on September 20, rising around 1.5 percent, with positive market breadth. About 1,635 shares advanced, while 821 shares declined on the NSE. The Nifty 50 is likely to see some consolidation before marching upwards. Below are some trading ideas for the near term:
Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities
Mahindra and Mahindra | CMP: Rs 2,951
M&M is in a healthy intermediate uptrend. After correcting recently, the stock has bounced from the 20-week SMA (Simple Moving Average) and closed above the 20-day and 50-day SMA on the back of above-average volumes. With momentum readings like the 14-day RSI (Relative Strength Index) also in rising mode, this bodes well for the uptrend to continue.
Strategy: Buy
Target: Rs 3,150
Stop-Loss: Rs 2,790
IRB Infrastructure Developers | CMP: Rs 63
IRB has been consolidating within a range for the last few weeks. Last week, the stock bounced back from the 200-day EMA (Exponential Moving Average) on the back of above-average volumes, indicating rising interest in the stock. Momentum readings like the 14-day RSI have also rebounded from oversold levels, which augurs well for the uptrend to continue.
Strategy: Buy
Target: Rs 73
Stop-Loss: Rs 59
Ujjivan Small Finance Bank | CMP: Rs 42.87
Ujjivan Small Finance Bank was in correction mode recently, touching a low of Rs 41 in August 2024. Subsequently, the stock has risen and made a higher bottom at Rs 41.5. Last week, the stock broke out of its recent trading range on the back of healthy volumes. Technical indicators are giving positive signals as the stock has moved above the 20 and 50-day SMA. Additionally, the 14-day RSI is in rising mode and above its 9-day EMA, indicating that momentum is picking up.
Strategy: Buy
Target: Rs 48
Stop-Loss: Rs 41
Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
Marico | CMP: Rs 709
Marico has showcased a strong resurgence from pivotal support of the previous breakout on the daily timeframe chart and has soared to record-high levels. The price movement has been backed by a noticeable increase in trading volumes, reflecting robust sentiment in the counter. Moving forward, the breakout on the daily chart is likely to trigger bullish traction. From a technical perspective, indicators have rebounded to witness a positive crossover, signaling a bullish trend in the stock. Hence, we recommend buying Marico around Rs 700.
Strategy: Buy
Target: Rs 780
Stop-Loss: Rs 660
JSW Energy | CMP: Rs 782
JSW Energy is in a stellar up move, following a cycle of higher highs and higher lows across all timeframe charts. In the recent session, the counter showcased a decisive surge in price and volumes, suggesting the continuation of the uptrend. Also, on the oscillator front, MACD (Moving Average Convergence Divergence) signals strong momentum, suggesting a potential upside journey into uncharted territory. Hence, we recommend buying JSW Energy around Rs 780-770.
Strategy: Buy
Target: Rs 860
Stop-Loss: Rs 730
Torrent Power | CMP: Rs 1,902
Torrent Power has demonstrated impressive gains in recent trading sessions, rebounding from short-term EMAs with robust volumes. Additionally, the counter comfortably hovers above all its significant EMAs on the daily timeframe to register a record high. On the technical front, the counter witnessed a rounding formation breakout and is likely to ascend further. The recent upward momentum has been supported by positive crossovers of the moving averages, suggesting a continuation of the uptrend. Hence, we recommend buying Torrent Power around Rs 1,900-1,880.
Strategy: Buy
Target: Rs 2,100
Stop-Loss: Rs 1,770
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Thermax | CMP: Rs 5,345.6
Thermax is in a strong uptrend across all timeframes, indicating bullish sentiment. On the daily chart, the stock confirmed a "rounding bottom," indicating the continuation of the prior uptrend. In the past couple of weeks, rising volumes signify increased participation. The stock is well placed above its 20, 50, 100, and 200-day SMA, and these averages are also inching up along with the price rise, reaffirming the bullish trend. The daily, weekly, and monthly RSI is in positive terrain, justifying rising strength across all timeframes. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 5,700, Rs 6,050
Stop-Loss: Rs 5,030
Nestle India | CMP: Rs 2,700
On the daily and weekly timeframes, Nestle India has surpassed the "multiple resistance zone" at Rs 2,650 levels with strong volumes. It has also confirmed an "Inverse Head & Shoulder" breakout at Rs 2,640 levels along with rising volumes. The stock has recaptured the 20, 50, and 100-day SMA and rebounded sharply, indicating a positive bias. The daily, weekly, and monthly RSI is in positive terrain, which supports rising strength across all timeframes. The daily and weekly "Bollinger band" buy signal reflects increased participation. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 2,900, Rs 2,985
Stop-Loss: Rs 2,670
SBI Life Insurance Company | CMP: Rs 1,870
SBI Life Insurance Company is in a strong uptrend across all timeframes, indicating bullish sentiment. The stock is well placed above its 20, 50, 100, and 200-day SMA, and these averages are rising along with the price, reaffirming the bullish trend. The daily, weekly, and monthly RSI is in positive terrain, justifying rising strength across all timeframes. Investors should buy, hold, and accumulate this stock.
Strategy: Buy
Target: Rs 1,900, Rs 2,000
Stop-Loss: Rs 1,840
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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