Equity benchmarks fell half a percent due to profit booking on June 29, with consistent weakness in market breadth. About 1,918 shares declined against 1,106 advancing shares on the NSE. The market is expected to see range-bound trading with a positive bias. Below are some short-term trading ideas to consider:
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
NACL Industries | CMP: Rs 202.13
NACL Industries has confirmed a bullish breakout from a well-defined Inverse Head and Shoulders pattern on the daily chart, signalling a potential trend reversal after a prolonged consolidation. The breakout is backed by a sharp surge in trading volumes, adding conviction to the move. On-Balance Volume (OBV) has registered a strong breakout above its 50-day moving average, reflecting sustained accumulation and robust buying interest.
Momentum indicators further strengthen the bullish case, with the RSI holding above 60, indicating healthy momentum, while the MACD has generated a bullish crossover above the zero line on a daily scale. As long as the stock sustains above the Rs 195–200 breakout zone, the positive structure is expected to remain intact.
Traders may consider entering long positions in the Rs 200–204 zone, with a target of Rs 240.
Strategy: Buy
Target: Rs 240
Stop-Loss: Rs 185
Info Edge India | CMP: Rs 986.8
Info Edge is trading near a crucial confluence support zone around Rs 950–980, where multiple technical factors are aligning. The stock has completed a bearish AB=CD pattern, with point D coinciding with a strong long-term demand zone, increasing the probability of a reversal. Adding further significance, the stock is holding near the 61.8 percent Fibonacci retracement of the previous major uptrend, reinforcing this support area.
After a sharp correction, price action suggests base formation, indicating that selling pressure is gradually easing. On the weekly charts, momentum indicators are also showing early signs of improvement, with the RSI recovering from oversold territory, while the MACD is near its previous June 2022 zone and has given a bullish crossover, signalling improving momentum. Traders may consider entering long positions in the Rs 970–990 zone, with a target of Rs 1,130.
Strategy: Buy
Target: Rs 1,130
Stop-Loss: Rs 875
Minda Corporation | CMP: Rs 672.4
Minda Corporation has confirmed a decisive breakout from its 19-month consolidation range of Rs 465–620, signalling the beginning of a fresh medium-term uptrend. The breakout comes after an extended phase of price compression, making it a technically significant development. Encouragingly, the move is supported by steadily rising trading volumes, indicating strong buying interest and improving market participation.
The stock is also trading comfortably above its 20-month SMA, reinforcing the long-term bullish trend. Momentum indicators remain firmly in favour of the bulls, with the RSI across the monthly, weekly, and daily charts holding above 60, reflecting sustained strength across multiple timeframes. Additionally, the MACD has generated a bullish crossover, while the OBV continues to trend higher, confirming ongoing accumulation.
Traders may consider entering long positions in the Rs 655–675 zone, with a target of Rs 780.
Strategy: Buy
Target: Rs 780
Stop-Loss: Rs 595
Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan
Ambuja Cements | CMP: Rs 424.25
Ambuja Cements has completed a minor A-B-C corrective phase in Wave B, and the structure now indicates the start of Wave C on the upside. Within Wave C, Wave I and Wave II appear complete, setting the stage for Wave III expansion. Price is stabilising near key Fibonacci retracement levels, showing base formation around support, which strengthens the bullish outlook.
The weekly momentum indicator is turning positive, supporting the potential for further upside. In the coming sessions, the stock is expected to move higher towards Rs 448–462 as Wave III unfolds, with strength likely to build on dips.
Strategy: Buy
Target: Rs 448, Rs 462
Stop-Loss: Rs 405
Colgate Palmolive | CMP: Rs 1,999.2
Colgate-Palmolive India has completed a corrective phase and is now showing signs of a fresh impulsive structure as per Elliott Wave theory. The recent pullback appears to be Wave 2, finding support near the 61.8 percent Fibonacci level and the lower band.
Price action is stabilising with a bullish crossover in the daily momentum indicator, indicating a potential start of Wave 3, which is typically the strongest leg. The bounce from the support zone adds confidence to the bullish view.
As long as the stock sustains above Rs 1,950, i.e., the 61.8 percent retracement level of the previous impulse rise, upside momentum can build gradually, with higher levels likely in the coming sessions.
Strategy: Buy
Target: Rs 2,100, Rs 2,140
Stop-Loss: Rs 1,940
City Union Bank | CMP: Rs 201.5
City Union Bank stock has been displaying strength by consistently forming higher-low structures on the daily chart, a sign of accumulation and bullish undertone. Recently, the stock has given a fresh breakout, adding conviction to the ongoing uptrend.
It is currently trading above its short-term moving averages (20 SMA and 40 EMA), which further confirms the positive setup. The immediate hurdle lies in the Rs 208–210 zone, a crucial resistance level that needs to be surpassed for the next leg of the rally to unfold. A decisive break above this zone is likely to trigger a sharp upside move.
Strategy: Buy
Target: Rs 210, Rs 212
Stop-Loss: Rs 190
Vidnyan S Sawant, Head of Research at GEPL Capital
Max Healthcare Institute | CMP: Rs 1,149.9
Max Healthcare Institute has registered a decisive breakout from an Inverse Head and Shoulders pattern on the weekly chart, which is widely regarded as a reliable bullish reversal formation. Encouragingly, the breakout has been followed by strong price confirmation during the current week, indicating sustained buying interest and reinforcing the positive undertone of the stock.
From a trend perspective, the stock has consistently sustained above its 50-week Exponential Moving Average (EMA) over the past few weeks, highlighting the strength of the prevailing uptrend and suggesting that long-term market participants continue to accumulate at higher levels. The breakout from the prolonged consolidation phase further signifies a shift in sentiment from consolidation to expansion, increasing the probability of a fresh upward move.
Momentum indicators also remain supportive of the bullish outlook. The MACD continues to trade above its signal line and remains firmly in positive territory, reflecting strengthening upside momentum and confirming the underlying trend.
The combination of a successful breakout, sustained price action above key moving averages, and positive momentum readings suggests that the stock is well-positioned to extend its upward trajectory over the coming weeks. As long as the stock maintains its breakout level, the overall technical structure is expected to remain constructive, with potential for further upside.
Strategy: Buy
Target: Rs 1,315
Stop-Loss: Rs 1,075
ACME Solar Holdings | CMP: Rs 379.25
ACME Solar Holdings continues to exhibit a strong and well-established bullish trend, consistently trading at all-time high levels while maintaining a robust pattern of higher highs and higher lows on the weekly chart. This price structure reflects sustained buying interest and confirms the continuation of the primary uptrend, indicating that bulls remain firmly in control.
The stock is comfortably positioned above its key moving averages, reinforcing the strength of the ongoing trend. Notably, every corrective phase has been met with renewed buying interest, resulting in bullish mean reversion and highlighting strong demand at lower levels. This behaviour suggests that market participants continue to accumulate the stock on dips, keeping the broader trend intact.
Adding further conviction to the bullish setup, the MACD remains in positive territory and continues to trend higher above its signal line, reflecting improving momentum and sustained buying strength.
The combination of a strong price structure, resilience above key moving averages, and supportive momentum indicators suggests that ACME Solar Holdings is well-positioned to extend its upward trajectory in the coming weeks. As long as the stock continues to sustain above its recent breakout levels and key support zones, the overall technical outlook is expected to remain firmly positive.
Strategy: Buy
Target: Rs 430
Stop-Loss: Rs 350
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.