The benchmark indices closed flat after rangebound trading on March 7, while the bulls maintained their lead over the bears in market breadth. A total of 1,693 shares saw buying interest compared to 957 shares that were under pressure on the NSE. The market trend is expected to remain positive amid consolidation. Below are some trading ideas for the near term:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Apollo Tyres | CMP: Rs 411.7
Apollo Tyres recently formed a swing low near Rs 371 before making a sharp rebound. The stock has broken out of a falling channel on the daily chart, indicating the start of an uptrend. A significant increase in trading volume at the breakout signals strong participation, which reinforces the bullish momentum. Additionally, the Relative Strength Index (RSI) has crossed above its reference line and has broken its downward-sloping trendline, further confirming the positive outlook.
Strategy: Buy
Target: Rs 450, Rs 460
Stop-Loss: Rs 393
GRM Overseas | CMP: Rs 249.34
GRM Overseas has recently broken out above a Cup and Handle pattern at Rs 246, accompanied by a strong bullish candle on the daily chart. This signals the beginning of an uptrend for the stock. It is currently trading above key moving averages—20, 50, 100, and 200 SMAs—indicating its strength. Additionally, a breakout above the upper Bollinger Band has triggered a buy signal, further supporting the bullish momentum.
Strategy: Buy
Target: Rs 285, Rs 300
Stop-Loss: Rs 232
Welspun Corp | CMP: Rs 795.25
Welspun Corp has recently broken out of a Symmetrical Triangle pattern that has been forming since late November 2024, indicating the start of an uptrend. The surge in volume accompanying the breakout confirms strong market interest. Furthermore, the RSI has crossed above its reference line, generating a buy signal and supporting the bullish momentum. If the stock maintains its position above the breakout level, we could see a continuation of the uptrend toward higher resistance zones.
Strategy: Buy
Target: Rs 850, Rs 880
Stop-Loss: Rs 763
Rajesh Bhosale, Technical Analyst at Angel One
ACC | CMP: Rs 1,885.75
Towards the end of 2023, ACC initiated a strong rally from the Rs 1,800–1,850 zone, surging sharply to around Rs 2,700 within just three months. Following this stellar run, the stock entered a gradual corrective phase, retracing back to the origin of the rally. Now, at this critical support level, a bullish reversal candlestick pattern has emerged on the weekly chart, adding to the positive setup.
Furthermore, oscillators on both daily and weekly timeframes are in the oversold zone, signaling a positive divergence. With these factors in place, the stock appears well-positioned for a strong upside move, offering an attractive risk-reward opportunity at current levels. Hence, we recommend buying ACC around Rs 1,886–1,880.
Strategy: Buy
Target: Rs 2,050
Stop-Loss: Rs 1,790
Force Motors | CMP: Rs 7,660
Over the past few weeks, Force Motors was consolidating around the crucial 61.8% retracement of its sharp rally from Rs 3,300 to Rs 10,200. Now, prices have confirmed a bullish range breakout from this key support zone, signaling a potential resumption of the uptrend. The breakout is further validated by a strong bullish candle accompanied by a noticeable spike in volumes, adding conviction to the move. Hence, we recommend buying Force Motors around Rs 7,660–7,630.
Strategy: Buy
Target: Rs 8,800
Stop-Loss: Rs 7,050 |
Avanti Feeds | CMP: Rs 798.7
Avanti Feeds has achieved a long-term breakout, closing above Rs 775 after consolidating for over seven years. Demonstrating impressive relative strength, the stock is trading near its 52-week high, even as broader markets remain under pressure. Volume analysis adds further conviction, with low volumes observed during consolidation and declines, while higher volumes accompany upward moves, reinforcing the strength of the breakout. Hence, we recommend buying Avanti Feeds around Rs 799–795.
Strategy: Buy
Target: Rs 904
Stop-Loss: Rs 744
Riyank Arora, Technical analyst at Mehta Equities
Can Fin Homes | CMP: Rs 629.6
Can Fin Homes has given a good breakout above its immediate resistance mark of Rs 621 and successfully managed to close well above it. With RSI (14) around 53 and showing a good up-tick, we believe the momentum should pick up well, and the stock should head higher towards Rs 670 and above. A strict stop-loss should be kept near Rs 608 to manage risk effectively.
Strategy: Buy
Target: Rs 670
Stop-Loss: Rs 608
Reliance Industries | CMP: Rs 1,249.8
Reliance Industries has given a good breakout above its trendline resistance mark of Rs 1,240 and seen a strong up-tick on RSI (14) in its daily charts as well. Upside looks possible toward Rs 1,285 and above, with a trading stop-loss of Rs 1,225 to manage risk effectively. A sharp volume pick-up on the stock makes it a good buy at current levels.
Strategy: Buy
Target: Rs 1,285
Stop-Loss: Rs 1,225
Tube Investments of India | CMP: Rs 2,701.8
Tube Investments of India is trading well above its anchor VWAP (Volume Weighted Average Price) support mark of Rs 2,625 and showing good signs of momentum and strength. With volumes picking up nicely and RSI (14) around 44 on its daily time frame charts, the stock looks all set for an upside move toward Rs 2,900 and above. A strict stop-loss should be kept at Rs 2,600 to manage risk effectively. The stock is also trading above its immediate resistance levels.
Strategy: Buy
Target: Rs 2,900
Stop-Loss: Rs 2,600
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