29 May , 2025 By : Debdeep Gupta
Equity benchmark indices corrected 0.3 percent on May 28, continuing their downward journey for another session amid range-bound trading. Market breadth was equal, with 1,290 shares advancing against 1,282 declining shares on the NSE. The market is expected to remain directionless in the upcoming sessions until it decisively breaks the trading range of May 15. Below are some short-term trading ideas to consider:
Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan
Bank of India | CMP: Rs 119.94
Bank of India has broken out of a triangle pattern, suggesting the start of a fresh leg of an upmove. The daily momentum indicator has given a positive crossover, which is a buy signal. The breakout has been accompanied by above-average volume.
Strategy: Buy
Target: Rs 125, Rs 129
Stop-Loss: Rs 116
Adani Energy Solutions | CMP: Rs 869
Adani Energy Solutions has broken down from a bearish flag pattern on the downside, indicating the start of a fresh leg of the down move. The daily momentum indicator has given a positive crossover, which is a sell signal.
Strategy: Sell
Target: Rs 834
Stop-Loss: Rs 882
Rupak De, Senior Technical Analyst at LKP Securities.
RailTel Corporation of India | CMP: Rs 401.45
A few days of consolidation ended with a sharp spike in price, indicating a rise in optimistic sentiment as investors grow confident about the stock's prospects. The recent rally has lifted the stock above its 200-DMA, signaling a medium-term bullish trend. Additionally, RailTel Corporation has resumed its uptrend after taking support at the falling trendline. In the short term, the trend appears strong, with the potential to reach Rs 440. Support is placed at Rs 384, below which the momentum may weaken. Buy the stock above Rs 405.
Strategy: Buy
Target: Rs 440
Stop-Loss: Rs 384
Life Insurance Corporation of India | CMP: Rs 942
Life Insurance Corporation has given a strong breakout from recent consolidation, clearly indicating rising bullish momentum. It has closed above the 200-DMA for the first time since October last year, signaling a potential trend reversal. Short-term strength is likely to remain intact as long as the stock holds above Rs 924. A move above Rs 950 would further strengthen the trend and could drive the stock toward Rs 1,000 or even higher. Buy the stock above Rs 950.
Strategy: Buy
Target: Rs 1,000
Stop-Loss: Rs 924
Sudeep Shah, the Deputy Vice President and Head of Technical and Derivative Research at SBI Securities
Canara Bank | CMP: Rs 110.94
Nifty PSU Bank was the top gainer on Wednesday and has been outperforming the frontline indices over the last couple of trading sessions. The stock of Canara Bank has staged a breakout from an 8-day consolidation pattern on the daily chart, accompanied by a noticeable uptick in volumes—indicating strong market participation. The stock is currently trading above its short- and long-term moving averages, both of which are trending higher, reaffirming the bullish setup. Momentum indicators further support this strength.
The daily RSI remains in bullish territory and continues to trend upwards, while the MACD (Moving Average Convergence Divergence) is comfortably placed above both the zero line and the signal line, confirming a bullish momentum bias. Hence, we recommend accumulating the stock in the zone of Rs 111–110, with a stop-loss of Rs 107. On the upside, it is likely to test the level of Rs 120 in the short term.
Strategy: Buy
Target: Rs 120
Stop-Loss: Rs 107
Mangalore Refinery and Petrochemicals | CMP: Rs 148.83
Mangalore Refinery and Petrochemicals (MRPL) has broken out above a downward-sloping trendline on the daily timeframe, backed by exceptional volume action. On the breakout day, volumes surged to 160.32 lakh shares, significantly exceeding the 50-day average of 60.67 lakh—indicating robust buying interest from both institutional and retail investors.
Most noteworthy, the stock has moved above its 200-day EMA for the first time since September 2024, a key technical milestone. Additionally, the RSI recently took support at the 60 level and rebounded sharply, indicating a shift into the ‘super bullish’ zone, as per RSI range-shift theory. Hence, we recommend accumulating the stock in the zone of Rs 149–148, with a stop-loss of Rs 142. On the upside, it is likely to test the level of Rs 163 in the short term.
Strategy: Buy
Target: Rs 163
Stop-Loss: Rs 142
Central Depository Services | CMP: 1,519.3
Central Depository Services (CDSL) has witnessed a strong consolidation breakout on the daily chart, supported by healthy volume expansion. The technical setup remains robust, with the stock trading above all key moving averages and showing solid momentum across indicators. The daily RSI is comfortably placed in bullish terrain and continues to rise. MACD remains positive and well above the signal and zero lines. At the same time, the ADX—an indicator of trend strength—has moved above the 25 level and is gaining traction, confirming trend acceleration. Hence, we recommend accumulating the stock in the zone of Rs 1,520–1,510, with a stop-loss of Rs 1,465. On the upside, it is likely to test the Rs 1,610 level in the short term.
Strategy: Buy
Target: Rs 1,610
Stop-Loss: Rs 1,465
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