The benchmark indices fell more than 1 percent and continued their downtrend for the third consecutive day on April 24. Market breadth was dominated by bears, with about 2,300 shares witnessing selling pressure against 667 advancing shares on the NSE. The market may consolidate with a negative bias if it sustains below short term moving averages. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head of Research) at Axis Securities
Varun Beverages | CMP: Rs 490.45
For the past 3–4 weeks, Varun Beverages has shown a “V”-shaped price recovery, indicating strong buying momentum at lower levels. Additionally, on the weekly chart, the stock marginally closed above the past one-year down-sloping trendline breakout at the Rs 489 level, with huge volumes that reconfirm a short-term trend reversal.
Currently, the stock is well above the 20-, 50-, 100-, and 200-day SMAs, which reconfirms bullish sentiment. The daily, weekly, and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all timeframes.
Strategy: Buy
Target: Rs 510, Rs 530
Stop-Loss: Rs 475
Adani Energy Solutions | CMP: Rs 1,411.95
Since February 2023, Adani Energy Solutions has been strongly consolidating within the Rs 630–1,270 range. However, strong price action over the past couple of weeks has confirmed a breakout above the Rs 1,250–1,270 resistance zone on a closing basis. This breakout is also accompanied by huge volumes, indicating increased participation.
The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms bullish sentiment. Weekly Bollinger Band buy signals indicate increased momentum. The daily, weekly, and monthly RSI is in favourable territory, indicating rising strength across all timeframes.
Strategy: Buy
Target: Rs 1,485, Rs 1,550
Stop-Loss: Rs 1,285
Garden Reach Shipbuilders & Engineers | CMP: Rs 2,878.7
With strong buying over the past couple of weeks, Garden Reach Shipbuilders has decisively surpassed the 8–10-month down-sloping trendline resistance at the Rs 2,715 level on a closing basis, signalling a resumption of the prior uptrend. Rising volumes over the past 3–4 weeks signify increased participation. Currently, the stock is well above the 20-, 50-, 100-, and 200-day SMAs, which reconfirms bullish sentiment.
The daily and weekly RSI are in favourable territory, indicating rising strength across timeframes. Weekly Bollinger Band buy signals indicate increased momentum.
Strategy: Buy
Target: Rs 3,020, Rs 3,160
Stop-Loss: Rs 2,775
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
DCX Systems | CMP: Rs 193.71
DCX Systems has witnessed a decent recovery over the past week, moving decisively above its 20-week EMA on the weekly chart after an extended corrective phase. The stock is placed in a strong historical support zone and has been in a consolidation phase for almost a quarter, indicating the building of a base.
Also, on the daily chart, the counter has witnessed a positive crossover between the 20- and 50-day DEMA, adding to the bullish quotient in the near term.
Strategy: Buy
Target: Rs 215, Rs 220
Stop-Loss: Rs 165
JSW Infrastructure | CMP: Rs 279
JSW Infrastructure has seen a strong resurgence from the trending support line around the Rs 235 sub-zone and has reclaimed its key EMAs across all timeframes. The stock has recently witnessed a sloping trendline breakout, followed by a breakthrough above the recent swing high.
At present, the technical structure portrays a ‘flag pattern’ formation on the daily chart, indicating a continuation of the uptrend. Also, the positive crossover between the 20- and 50-day DEMA adds to the bullish quotient in the counter. Buying is recommended around Rs 275–270.
Strategy: Buy
Target: Rs 300, Rs 320
Stop-Loss: Rs 252
Tata Capital | CMP: Rs 337.20
Tata Capital has maintained a sustained move above its 20-day DEMA in recent weeks, reinforced by a breakout in the latest sessions. The stock has formed multiple bullish patterns, including a double bottom and a flag breakout, indicating a strong structural setup and a favourable near-term outlook.
Additionally, technical indicators remain well aligned with price momentum, further strengthening the bullish bias and supporting the potential for continued upside. Hence, buying is recommended around Rs 330.
Strategy: Buy
Target: Rs 365, Rs 370
Stop-Loss: Rs 310
Anshul Jain, Head of Research at Lakshmishree Investments
Union Bank of India | CMP: Rs 177
Union Bank of India has successfully retested its 97-month cup-and-handle breakout, positioning itself in an ideal accumulation zone between Rs 167 and Rs 172 for retest-based entries. The long-term structure remains robust, with sustained price action above the breakout zone indicating strong demand absorption.
Alignment across daily, weekly, and monthly timeframes reinforces the bullish bias, suggesting a well-established base rather than a temporary bounce. The controlled retracement reflects healthy consolidation within an ongoing uptrend. As long as the stock holds this support band, momentum is likely to build for the next leg higher toward the Rs 220 zone in the coming weeks. A breakdown below Rs 167 would weaken the setup.
Strategy: Rs Buy
Target: Rs 220
Stop-Loss: Rs 165
Vardhman Textiles | CMP: Rs 590.05
Vardhman Textiles has confirmed a structural breakout from a 220-week bullish VCP pattern at Rs 560, marking a significant long-term expansion setup. The pattern reflects prolonged volatility contraction and efficient supply absorption, now transitioning into a trending phase. Supporting this move, the 10-, 20-, and 50-week moving averages are rising in alignment, acting as a strong launchpad and reinforcing bullish momentum.
The price structure remains firmly in favour of buyers, with higher timeframe strength clearly visible. As long as the stock sustains above Rs 560, the breakout remains valid, and the path toward Rs 700 appears achievable. A decisive close below Rs 540 would invalidate the setup and signal a loss of momentum.
Strategy: Buy
Target: Rs 700
Stop-Loss: Rs 540
Aster DM Healthcare | CMP: Rs 705.25
Aster DM Healthcare has confirmed a breakout from a 21-week bullish cup-and-handle formation at Rs 690, signalling a continuation of the prevailing uptrend. The breakout is accompanied by a strong bullish candle and a noticeable rise in volumes, indicating active participation and conviction from market participants.
Additionally, the alignment of moving averages beneath the price is acting as a dynamic launchpad, reinforcing trend strength. The structure reflects sustained accumulation rather than short-term momentum. As long as the stock holds above the Rs 690 breakout zone, the setup remains valid, with a high probability of extension toward the Rs 810 zone. A breakdown below Rs 690 would negate the bullish view.
Strategy: Buy
Target: Rs 810
Stop-Loss: Rs 670
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.