Equity benchmarks maintained their uptrend for the third consecutive session, with the Nifty 50 rising 0.4 percent on July 3. Market breadth slightly favoured the bulls, as about 1,577 shares advanced against 1,416 declining shares on the NSE. Overall, the trend remains positive, though some consolidation cannot be ruled out. Below are some short-term trading ideas to consider.
Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One
IndusInd Bank | CMP: Rs 974.35
Following a convincing price breakout after a prolonged phase of consolidation around its previous bearish gap resistance, the technical structure for IndusInd Bank appears to be turning constructive. On the candlestick charts, a bullish crossover on the 14-day RSI, coupled with a breakout above a downward-sloping trendline, adds further weight to the improving technical setup.
The Point & Figure charts also reinforce this view. On the daily 1% × 3 chart, the stock has delivered a bullish Double Top Buy breakout above its 45-degree falling trendline. Additionally, the XO Zone Indicator has moved into bullish territory, suggesting that momentum is gradually shifting in favour of buyers and making the stock a strong candidate for sustained upside in the near term.
Hence, buying is recommended in IndusInd Bank around Rs 973-970.
Strategy: Buy
Target: Rs 1,050, Rs 1,060
Stop-Loss: Rs 903
Zydus Lifesciences | CMP: Rs 1,140.6
Following a decisive range breakout from its prolonged consolidation earlier this year, Zydus has spent the past month consolidating its gains. The stock now appears poised to resume its primary uptrend, having delivered a convincing breakout above this recent consolidation.
The Point & Figure charts also reinforce the bullish outlook. On the daily 0.25% × 3 P&F chart, the stock has delivered a follow-through to a Bullish Broadening formation, highlighting the continuation of positive momentum. On the higher-timeframe 1% × 3 P&F chart, the stock is also providing a follow-through to a Bullish Anchor Column (Super Pattern), further strengthening the case for a continuation of the broader uptrend and suggesting the potential for higher levels in the sessions ahead.
Hence, buying is recommended in the stock around Rs 1,140-1,135.
Strategy: Buy
Target: Rs 1,220, Rs 1,225
Stop-Loss: Rs 1,059
Welspun Living | CMP: Rs 170.93
Following the breakout from a year-long consolidation, Welspun Living has now retested the breakout zone on relatively low volumes, suggesting an absence of supply in the stock. Alongside this, a bullish crossover on the 14-day smoothed RSI suggests strong momentum tailwinds.
The bullish structure is further reinforced by the formation of a Bullish Broadening pattern on the daily 0.25% P&F chart, suggesting that buyers remain firmly in control of the stock and that higher prices are likely in the coming days.
Hence, buying is recommended in the stock around Rs 171-168.
Strategy: Buy
Target: Rs 195, Rs 200
Stop-Loss: Rs 158
Mahesh M Ojha, VP- Research and Business Development at Kantilal Chhaganlal Securities
Bharti Airtel | CMP: Rs 1,910.4
Bharti Airtel closed comfortably above its key short- and long-term moving averages, including the 20-day, 50-day, and 100-day SMAs, indicating a bullish setup.
Price action remains bullish as long as the stock sustains above its key support zones. The daily RSI, at 60.80, supports the ongoing bullish trend and reflects underlying strength in the stock.
Immediate resistance levels are placed at Rs 1,920 and Rs 1,948, while strong support is seen at Rs 1,880 and Rs 1,840. Buying is advised in the range of Rs 1,900-1,910.
Strategy: Buy
Target: Rs 1,948, Rs 1,975, Rs 1,990
Stop-Loss: Rs 1,840
ICICI Bank | CMP: Rs 1,411.4
ICICI Bank has delivered a positive breakout by closing above the previous resistance level of around Rs 1,410, indicating strengthening price momentum and a continuation of the bullish structure.
The stock remains technically strong as long as it sustains above its weekly 5-, 10-, 20-, and 50-day Simple Moving Averages (SMAs), reinforcing the prevailing uptrend.
The weekly RSI, at 61.37, is a bullish indicator of a medium- to long-term positive setup, reflecting strong underlying momentum.
Immediate resistance levels are positioned at Rs 1,448, Rs 1,480, and Rs 1,521, while strong support is seen at Rs 1,370 and Rs 1,340. Buying is recommended in the stock in the zone of Rs 1,400-1,410.
Strategy: Buy
Target: Rs 1,448, Rs 1,475, Rs 1,520
Stop-Loss: Rs 1,358.
Skipper | CMP: Rs 574.95
Skipper continues to exhibit strong bullish momentum, trading comfortably above all key short-term Simple Moving Averages (SMAs). The stock has closed above the Rs 570 mark, indicating sustained buying interest and a positive price structure.
Price action remains bullish as long as the stock sustains above its key support zones. Immediate resistance levels are placed at Rs 590, Rs 610, and Rs 660, while strong support is seen at Rs 548 and Rs 528.
The MACD remains in positive territory, signalling continued upward momentum. The RSI, at 66.44, also supports the ongoing bullish trend, reflecting underlying strength in the stock.
Hence, buying is advised in the stock in the zone of Rs 565-575.
Strategy: Buy
Target: Rs 590, Rs 620, Rs 660
Stop-Loss: Rs 524
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.