Despite consolidation, the market traded higher throughout the session and ended at a new closing high on July 15, with the Nifty 50 reaching closer to the 24,600 level, gaining 0.35 percent. About 1,239 shares advanced, while 1,142 shares declined on the NSE. The Nifty 50 is poised to climb towards 24,800-24,900 in the coming sessions, provided it holds 24,500, with crucial support at 24,300. Here are some trading ideas for the near term:
Sudeep Shah, Deputy Vice-President and Head of the Technical and Derivative Research at SBI Securities
LIC Housing Finance | CMP: Rs 801
LIC Housing Finance has found support near the 20-day EMA (Exponential Moving Average) and showed a strong rebound in Monday's trading session, supported by higher volume. We recommend buying at the current market price with a stop-loss of Rs 780. On the upside, it may target Rs 850, followed by Rs 870 in the short term.
Strategy: Buy
Target: Rs 850, Rs 870
Stop-Loss: Rs 780
GAIL India | CMP: Rs 237.2
GAIL India has broken out of consolidation on a daily scale with robust volume. Buying in the zone of Rs 238-236, with a stop-loss at Rs 230, is recommended. Targets on the upside are Rs 252 and Rs 260 in the short term.
Strategy: Buy
Target: Rs 252, Rs 260
Stop-Loss: Rs 230
NTPC | CMP: Rs 385.55
NTPC is trading above its short and long-term moving averages, indicating a strong trend. Momentum indicators and oscillators support bullish momentum. Buying at the current market price with a stop-loss at Rs 373 is suggested, targeting Rs 415 and Rs 425 in the short term.
Strategy: Buy
Target: Rs 415, Rs 425
Stop-Loss: Rs 373
Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities
State Bank of India | CMP: Rs 883
SBI has broken out from sideways consolidation with increased volumes. MACD shows a bullish crossover on daily charts and supports a positive outlook. Buying here could benefit from further strength if the PCR moves beyond 1.
Strategy: Buy
Target: Rs 910
Stop-Loss: Rs 862
Mphasis | CMP: Rs 2,740
Mphasis has broken multiple swing resistances and completed a retest, forming a Bullish Island reversal pattern. Strong volumes and short covering indicate a reversal from a downtrend to an uptrend. MACD is bullish across daily, weekly, and monthly charts. The stock has no major resistance above Rs 2,700, with a positive outlook in the short to medium term.
Strategy: Buy
Target: Rs 2,870, Rs 3,100
Stop-Loss: Rs 2,640
Alkem Laboratories | CMP: Rs 5,400
Alkem has broken a falling trendline, indicating a positive trend reversal. MACD is bullish across daily, weekly, and monthly charts. The stock is likely to move towards the upper end of its range (Rs 5,600 to Rs 4,600), supported by positive momentum.
Strategy: Buy
Target: Rs 5,600, Rs 5,800
Stop-Loss: Rs 5,220
Pravesh Gour, Senior Technical Analyst at Swastika Investment
HBL Power Systems | CMP: Rs 629
HBL Power Systems has broken out of an Inverse Head and Shoulder pattern, a bullish reversal signal, with strong volume confirming the pattern's validity. This suggests potential upward movement in price.
Strategy: Buy
Target: Rs 714
Stop-Loss: Rs 575
NLC India | CMP: Rs 294.5
NLC India shows bullish setups, including a double-bottom formation breakout and a multi-year resistance zone breakout. Momentum indicators support further upside towards Rs 320 and potentially Rs 340.
Strategy: Buy
Target: Rs 340
Stop-Loss: Rs 270
Sunteck Realty | CMP: Rs 608.8
Sunteck Realty has broken out of a long consolidation formation with strong volume and closed above Rs 500 levels. Trading above all-important moving averages, it indicates potential for a rally towards Rs 700 . Support is seen at Rs 560.
Strategy: Buy
Target: Rs 680
Sop-Loss: Rs 560
Latent View Analytics | CMP: Rs 559
Latent View Analytics exhibits bullish momentum with higher highs and higher lows and has broken from a consolidation with significant volume. Trading above all significant moving averages, it shows potential for further upside towards Rs 600 , with support at Rs 530.
Strategy: Buy
Target: Rs 616
Stop-Loss: Rs 530
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