The benchmark indices witnessed a one-third of a percent correction on June 30, but market breadth turned positive. About 1,634 shares advanced against 1,357 declining shares on the NSE. The market is likely to remain range-bound as long as it trades below the previous week's high. Below are some short-term trading ideas to consider:
Ashish Kyal, Founder and CEO of Waves Strategy Advisors
Alembic Pharmaceuticals | CMP: Rs 822.75
The pharma sector continued to be the best-performing sector despite the broader indices witnessing profit booking. In the previous session, Alembic Pharmaceuticals surged nearly 5 percent. On the daily chart, the stock had been forming a rounding bottom pattern since May 15.
In the previous session, the stock finally gave a breakout above the key neckline at Rs 809, indicating strong buying interest from lower levels. Also, the KST (Know Sure Thing) line has already crossed above the signal line from below and is now trading above the zero line, indicating that strong momentum is likely to continue.
For now, buying on dips towards Rs 809-815 appears to be a better strategy to participate in the ongoing move towards Rs 840, followed by Rs 880, with key support placed around Rs 765.
Strategy: Buy
Target: Rs 840, Rs 880
Stop-Loss: Rs 765
GMR Airports | CMP: Rs 112.09
On the daily chart, GMR Airports has been forming higher highs and higher lows over the past three months, reflecting strengthening bullish momentum. Also, FII, DII, and promoter holdings increased between the December 2025 and March 2026 quarters, which is a positive sign for the stock.
In the previous session, the stock rallied 2.4 percent, decisively surpassing the prior swing high of Rs 111.15 to close near Rs 112, indicating renewed buying interest.
The ADX indicator is also trading near 31, comfortably above the key 25 mark, suggesting that the ongoing upmove is gaining strength. For now, a sustained move above Rs 113.50 could accelerate the rally towards Rs 118, followed by Rs 122. On the downside, the Rs 108 zone is expected to provide immediate support.
Strategy: Buy
Target: Rs 118, Rs 122
Stop-Loss: Rs 108
Ather Energy | CMP: Rs 1,140.55
On the daily chart, Ather Energy has been making new lifetime highs over the past two trading sessions, indicating strong relative outperformance compared to the broader market indices. This outperformance is also supported by volumes, which have been the highest since June 3, adding confirmation to the breakout.
Along with that, the stock has also taken support from the 40-period SMA at the start of this week, which has acted as an important support level, adding strength to the ongoing move.
However, the sharp upmove over the previous two sessions has pushed oscillators such as the RSI close to the overbought zone. Therefore, minor dips towards the Rs 1,100-1,120 range can be used as buying opportunities, with upside targets of Rs 1,180-1,200, as long as Rs 1,055 remains protected on the downside.
Strategy: Buy
Target: Rs 1,180, Rs 1,200
Stop-Loss: Rs 1,055
Kapil Shah, Technical Analyst at Emkay Global Financial Services
Gujarat Fluorochemicals | CMP: Rs 3,964
Gujarat Fluorochemicals rallied 2.37 percent in the previous session and witnessed a breakout above an 80-week falling trendline. The stock has consistently been trading above its short- and long-term moving averages, both of which are sloping upward. Additionally, a positive MACD crossover signals continuation of the upward trend. Buying is recommended in the stock in the Rs 3,900-3,987 range.
Strategy: Buy
Target: Rs 4,350
Stop-Loss: Rs 3,800
Mankind Pharma | CMP: Rs 2,545.6
Mankind Pharma ended the previous session with gains of 2.4 percent. The stock witnessed a strong rebound from its support zone, accompanied by the formation of a bullish flag pattern on the daily chart. Additionally, a positive MACD crossover near the zero line supports the bullish bias in the stock. Buying is recommended in the Rs 2,510-2,555 range.
Strategy: Buy
Target: Rs 2,750
Stop-Loss: Rs 2,450
Punjab National Bank | CMP: Rs 106.69
PNB has been under pressure and has traded below its short- and medium-term moving averages over the past few sessions. The breach of an immediate rising trendline has also signalled a bearish continuation setup. Additionally, the PSU banking pack is witnessing a downward bias. Selling is recommended in the stock in the Rs 106-108 range.
Strategy: Sell
Target: Rs 96
Stop-Loss: Rs 110
Amol Athawale VP Technical Research at Kotak Securities
Praj Industries | CMP: Rs 350.9
After a prolonged downtrend, Praj Industries has entered an accumulation zone, where it is trading in a range-bound mode on the daily chart. However, the recent bullish activity in the stock indicates improving strength. The stock is expected to break out of the range and witness bullish momentum from the current levels, offering a favourable risk-reward perspective.
For positional traders, Rs 337 would be the decisive level. As long as the stock trades above this level, the reversal formation is expected to remain intact, with potential upside towards Rs 375. However, if it closes below Rs 337, traders may prefer to exit their long positions.
Strategy: Buy
Target: Rs 375
Stop-Loss: Rs 337
Lupin | CMP: Rs 2,419
On the daily chart, Lupin is trading within a rising channel formation, characterised by a series of higher highs and higher lows. The stock has witnessed a steady recovery from the accumulation zone. Additionally, the Relative Strength Index (RSI) is also indicating further upside from the current levels, which could boost bullish momentum in the near term.
As long as the stock sustains above the Rs 2,335 level, the positive bias is expected to remain intact, potentially paving the way for an upside move towards Rs 2,590.
Strategy: Buy
Target: Rs 2,590
Stop-Loss: Rs 2,335
Hindustan Aeronautics | CMP: Rs 4,381.2
After a remarkable upmove, Hindustan Aeronautics has been taking a breather for the past several sessions. The consolidation structure suggests a bullish continuation chart pattern. Moreover, the stock has comfortably closed above its short-term moving average. Therefore, it is likely to resume its uptrend from the current levels in the coming sessions.
For the next few trading sessions, Rs 4,220 could be the trend-deciding level for the bulls. If the stock sustains above this level, we can expect a further uptrend towards Rs 4,680.
Strategy: Buy
Target: Rs 4,680
Stop-Loss: Rs 4,220
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.