The benchmark indices closed the rangebound session flat with a positive bias on December 6, maintaining an upward trend for the fourth consecutive day. The market breadth was positive, with about 1,495 shares advancing against 995 losing shares on the NSE. The market is likely to consolidate further, while the overall trend remains in favor of the bulls. Below are some trading ideas for the near term:

Jatin Gedia, Research Analyst at Mirae Asset Sharekhan

Central Depository Services | CMP: Rs 1,718.6

CDSL has broken out of a resistance zone after a 4-month consolidation on the upside and closed above it, which is a bullish sign. The daily momentum indicator has shown a positive crossover, which is a buy signal. Thus, we expect the positive momentum to continue towards Rs 1,900 – Rs 1,925 from a short-term perspective. A stop-loss of Rs 1,625 should be maintained for long positions.

Strategy: Buy

Target: Rs 1,900, Rs 1,925

Stop-Loss: Rs 1,625

Oberoi Realty | CMP: Rs 2,164.75

Oberoi Realty has broken out of a two-month sideways consolidation on the upside. The breakout was accompanied by above-average volume. The daily momentum indicator has shown a positive crossover, which is a buy signal. Thus, we expect the up move to continue towards Rs 2,270 – Rs 2,350 from a short-term perspective. A stop-loss of Rs 2,080 should be maintained for long positions.

Strategy: Buy

Target: Rs 2,270, Rs 2,350

Stop-Loss: Rs 2,080

Vidnyan S Sawant, Head of Research at GEPL Capital

Zomato | CMP: Rs 286.3

Zomato has maintained its upward trajectory, rebounding strongly after a mean reversion from the 26-week EMA (Exponential Moving Average). The stock continues to form higher highs, while the RSI (Relative Strength Index) on the weekly chart shows a bullish crossover and sustains above 60, indicating renewed momentum in the ongoing uptrend.

Strategy: Buy

Target: Rs 331

Stop-Loss: Rs 263

Bharat Electronics | CMP: Rs 312.85

BEL has been on an upward trajectory since 2020. Despite recent market volatility, it remained rangebound near its 26-week EMA. In the past week, it has broken out of the congestion zone, signaling readiness for upward movement. Additionally, the momentum indicator has witnessed a bullish crossover and is holding above 60, further reinforcing the bullish momentum.

Strategy: Buy

Target: Rs 358

Stop-Loss: Rs 287

Tips Music | CMP: Rs 899

Tips Music is exhibiting strong bullish momentum, forming higher tops and higher bottoms on the weekly chart while trading comfortably above its key 12-week and 26-week EMAs, highlighting robust relative strength amid market volatility. On the daily chart, the stock recently broke out of a Flag pattern, further solidifying its bullish outlook.

Strategy: Buy

Target: Rs 1,053

Stop-Loss: Rs 828

Shitij Gandhi, Senior Research Analyst (Technicals) at SMC Global Securities

Union Bank of India | CMP: Rs 128.3

Over the last few weeks, Union Bank of India has been under pressure and can be seen drifting lower in a declining channel, with prices sustaining well below its 200-day EMA. This week, renewed bullish momentum has emerged, as the stock has regained a fresh move above its 200-day EMA once again. A technical breakout has been observed above the symmetrical triangle pattern, along with rising volumes. Therefore, one can accumulate the stock in the range of Rs 125-128 for the expected upside of Rs 140-142.

Strategy: Buy

Target: Rs 140, Rs 142

Stop-Loss: Rs 116

Indian Renewable Energy Development Agency | CMP: Rs 217

Over the last few months, IREDA has been trading lower and has formed a lower-high pattern on the daily charts. However, recently, the stock managed to take support at its 200-day EMA and bounced back sharply. A fresh breakout has been observed above the Inverted Head & Shoulders pattern this week, indicating a potential trend reversal. Therefore, one can accumulate the stock in the range of Rs 215-217.

Strategy: Buy

Target: Rs 247, Rs 248

Stop-Loss: Rs 195

Godrej Agrovet | CMP: Rs 771

Godrej Agrovet has been consolidating within a broader range of Rs 690-750 in recent weeks, as prices took support at its 200-day EMA on the daily charts. Technically, the stock has formed an Inverted Head & Shoulders pattern on the daily charts, with a breakout observed above the neckline of the pattern formation. Therefore, one can accumulate the stock in the range of Rs 760-770.

Strategy: Buy

Target: Rs 850-860

Stop-Loss: Rs 700