The benchmark indices snapped their five-day winning streak on December 6, falling moderately due to small profit booking following the RBI event. However, the market breadth remained positive, with 1,484 shares advancing compared to 999 shares that declined on the NSE. The market may remain rangebound over the next few sessions, but the overall trend remains bullish. Below are some trading ideas for the near term:
Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
Castrol India | CMP: Rs 222.37
Castrol India has seen a decent correction from its peak of Rs 284 toward the 200-day simple moving average (200 DSMA) on the daily charts. However, in the last couple of trading weeks, the stock has started gaining traction and has gradually emerged above its significant exponential moving averages (EMAs). Additionally, the stock has surpassed its recent swing high, coinciding with earlier breakout zones, supported by rising volumes. On the technical front, the MACD (Moving Average Convergence Divergence) indicator shows a reversal from the lower zone, further adding to the bullish outlook. Hence, we recommend buying Castrol India around Rs 220-215.
Strategy: Buy
Target: Rs 248, Rs 250
Stop-Loss: Rs 200
Jindal Stainless | CMP: Rs 741.6
Jindal Stainless has witnessed a strong trading week, surging over 8 percent to climb above the 50 percent Fibonacci retracement level of its recent decline. This move was backed by a notable increase in volumes. Moreover, the stock comfortably sustained above the cluster of its significant EMAs on the daily charts, which reinforces the bullish outlook. The technical structure resembles a ‘Double Bottom’ formation, supported by favourable technical parameters, suggesting a continuation of the bullish trend in the near term. Hence, we recommend buying Jindal Stainless around Rs 740-735.
Strategy: Buy
Target: Rs 790
Stop-Loss: Rs 710
Punjab National Bank | CMP: Rs 111.1
PNB has recently started gaining traction from the lows of the Rs 92-93 range and has surged to negate the bearish cycle of lower highs. The stock witnessed a strong runaway gap, and its resurgence pushed it above its short-term moving averages after a prolonged period, signaling a potential turnaround. Additionally, the stock has shown a ‘Double Bottom’ breakout, which aligns with a bullish outlook in the short term. Furthermore, the 14-day RSI (Relative Strength Index) has indicated a positive crossover, suggesting that the stock is well-positioned to continue its upward journey in the near future. Hence, we recommend buying PNB around Rs 108-106.
Strategy: Buy
Target: Rs 118-122
Stop-Loss: Rs 100
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Indian Railway Finance Corporation | CMP: Rs 158
On the daily chart, IRFC has experienced a "triangular" breakout at the Rs 156 level, indicating a potential short-term trend reversal. The significant volume at this breakout suggests increased market participation. Recently, the stock has successfully recaptured its 20-day and 50-day simple moving averages (SMA) and has rebounded sharply. The daily and weekly strength indicator, RSI, is in positive territory, which further confirms the rising strength of the stock. Additionally, a "Bollinger Band" buy signal on the daily chart indicates increased momentum. Investors should consider buying, holding, and accumulating this stock with an expected upside target of Rs 170–185, while the downside support zone is between Rs 150 and Rs 144.
Strategy: Buy
Target: Rs 170, Rs 185
Stop-Loss: Rs 150
Zomato | CMP: Rs 303
On the daily time frame, Zomato has confirmed a breakout of the "Rounding Bottom" formation at Rs 298 levels on a closing basis. Over the past couple of sessions, rising volumes have indicated increased participation. The stock is positioned well above its 20, 50, 100, and 200-day simple moving averages (SMAs), and these averages are also trending upwards alongside the price rise, reinforcing the bullish trend. Additionally, the daily, weekly, and monthly RSI indicators are in positive territory, which supports the rising strength across all time frames. Investors are encouraged to buy, hold, and accumulate this stock, with an expected upside of Rs 337–355, while the downside support zone is between Rs 288–278 levels.
Strategy: Buy
Target: Rs 337, Rs 355
Stop-Loss: Rs 288
Anshul Jain, Head Of Research at Lakshmishree Investments & Securities
ASK Automotive | CMP: Rs 464.65
ASK Automotive is capturing investor attention with a robust 69-day rounding base on the daily charts. The consolidation phase, characterized by diminishing volumes, hints at strong hands accumulating shares during the lull. This setup has been followed by a recent surge in delivery volumes, significantly surpassing the average—a clear signal of interest from institutional players or "smart money." Currently hovering around Rs 480, the stock is positioned for a bullish breakout. A move above this crucial level is expected to propel the stock into a strong upward trajectory, fueled by momentum and heightened interest. Market analysts suggest this could mark the beginning of a sustained rally, making ASK Automotive a stock to watch in the coming weeks.
Strategy: Buy
Target: Rs 600
Stop-Loss: Rs 420
EMS | CMP: Rs 893.6
EMS is making waves in the stock market with a compelling technical setup. On the daily charts, the stock has formed a 69-day rectangle pattern marked by low volumes, signaling a consolidation phase. On the weekly charts, it exhibits a flat base, resting steadily at the 10-week moving average—an indicator of strength.
Friday's trading session brought a breakout with exceptional volumes of 2.4 million, a staggering 675 percent surge compared to the 50-day average. Such high-volume breakouts often indicate sustainable upward momentum. A decisive move above Rs 890 could solidify the breakout, potentially propelling the stock toward the Rs 1,050 mark. EMS is now on the radar of investors looking for high-conviction opportunities.
Strategy: Buy
Target: Rs 1,050
Stop-Loss: Rs 840
Ramco Cements | CMP: Rs 1,013
Ramco Cements is showcasing a textbook bullish setup, igniting excitement among investors. On the weekly charts, the stock has crafted a 150-week-long Cup-and-Handle pattern—a classic indicator of accumulation and potential upside. Notably, the base formation includes multiple up candles with volumes exceeding 3x the 50-day EMA, signaling strong institutional interest.
Adding to the optimism, the daily chart reveals a small Bullish Flag, reflecting a healthy consolidation near the neckline of the cup-and-handle pattern. A decisive move above Rs 1,045 is expected to trigger fresh momentum, opening the doors for a strong rally toward Rs 1,400. With technical indicators aligning perfectly, Ramco Cements is emerging as a promising candidate for traders and long-term investors seeking growth opportunities.
Strategy: Buy
Target: Rs 1,400
Stop-Loss: Rs 950
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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