The benchmark indices remained in negative terrain for another session, with the Nifty 50 falling by four-tenths of a percent on January 10, and breadth strongly favoring bears. A total of 2,117 equity shares declined, compared to 401 shares that advanced on the NSE. The market is expected to consolidate after the severe correction seen last week. Below are some trading ideas for the near term:

Ameya Ranadive, CMT, CFTe, Senior Technical Analyst at StoxBox

Renaissance Global | CMP: Rs 179.63

Renaissance Global exhibits a promising technical setup, making it an attractive buy. The stock has a robust support level at Rs 162, which has consistently acted as a reversal zone over the past two months. Last week, it successfully broke above its 20- and 50-day EMAs (exponential moving averages), sustaining these levels—a clear indication of strengthening bullish momentum.

Additionally, RGL remains comfortably above its 100- and 200-day EMAs, reinforcing its long-term bullish structure. RSI (Relative Strength Index) has shown significant upward movement in the past week, while positive ADX (Average Directional Index) crossover highlights improving trend dynamics. Volume analysis further supports the bullish narrative, with strong accumulation observed at the key support level. The stock’s reversal with heavy volumes signals growing investor interest. Based on this technical alignment, Renaissance Global is a good buy at Rs 179, targeting Rs 205. However, the bullish outlook will be negated if the price sustains below Rs 160.

Strategy: Buy

Target: Rs 205

Stop-Loss: Rs 160

Dixon Technologies | CMP: Rs 16,709.2

Dixon Technologies has been a stellar performer, appreciating over 75 percent since August 2024 in an upward-moving channel. However, this trend reversed with a significant channel breakdown last Wednesday, with prices now sustaining below the breakdown level. The breach of its 20- and 50-day EMAs further underscores the shift in short-term momentum, pointing towards bearish pressure. RSI has also broken its support level of 43, which had held firm since August, adding to the negative outlook.

With short-term momentum now tilted against Dixon, it is a strong sell-on-rise candidate. Traders can consider shorting in the range of Rs 17,000–Rs 16,800, with a downside target of Rs 15,600. The bearish view will be invalidated if the stock manages to sustain above Rs 17,600, indicating potential stabilization. For now, the technicals suggest further downside risk in the short term.

Strategy: Sell

Target: Rs 15,600

Stop-Loss: Rs 17,600

Bharti Airtel | CMP: Rs 1,615.90

Bharti Airtel has shown remarkable resilience in turbulent markets. The stock has consistently sustained above the Rs 1,600 level for over a month, indicating strong investor confidence. It continues to trade comfortably above its 20-, 50-, 100-, and 200-day EMAs, maintaining its bullish trend across multiple time frames. Additionally, the stock is positioned above the Bollinger Band mean, further reinforcing its positive price structure. The RSI has seen a steady rise from 45 to 54 over the past week, signaling strengthening momentum.

Given its technical strength, Bharti Airtel is a solid buy at current levels. A breakout above Rs 1,630 is expected to draw increased investor attention, with an upside target of Rs 1,720. However, the bullish view will be negated if the stock falls below Rs 1,550 and sustains there. For now, Bharti Airtel remains a top contender for portfolio stability and potential upside.

Strategy: Buy

Target: Rs 1,720

Stop-Loss: Rs 1,550

Rajesh Bhosale, Technical Analyst at Angel One

Uno Minda | CMP: Rs 1,097.65

Uno Minda has been consolidating near its 89-day EMA for the past few months, and a bullish breakout is now visible. This breakout, despite broader market weakness, highlights inherent strength and signs of outperformance. The move is accompanied by strong volumes, a bullish candlestick pattern, and prices trading well above key averages, with oscillators showing positive placement. Hence, we recommend buying Uno Minda for around Rs 1,097–Rs 1,093.

Strategy: Buy

Target: Rs 1,200

Stop-Loss: Rs 1,048

Tech Mahindra | CMP: Rs 1,705.6

Tech Mahindra witnessed a long-term breakout in October near the Rs 1,650 level, followed by a sharp rally above Rs 1,800. After entering the overbought territory, prices were corrected recently, retesting the breakout level—a common behavior before larger moves. On Friday, the stock rebounded precisely from this breakout support, forming a bullish candlestick pattern: a Hammer on the weekly chart and an Engulfing pattern on the daily chart. This reversal is further reinforced by the key support of the 20-week EMA, adding strength to the resumption of the uptrend. Hence, we recommend buying Tech Mahindra for around Rs 1,705–Rs 1,700.

Strategy: Buy

Target: Rs 1,850

Stop-Loss: Rs 1,630