Indian equity markets ended flat on Dec 30, with more stocks falling than rising, suggesting a cautious mood ahead.
Market Snapshot
On the NSE, 1,661 shares fell while 1,198 rose. With the market moving sideways, short‑term traders may look for stocks that show clear technical strength.
Technical Buy Recommendations
Bank of India (CMP: Rs 142)
- Why it matters: After a strong rally, the stock is holding above its short‑term moving average and forming a bullish continuation pattern.
- Buy strategy: Enter if the price stays above Rs 137.
- Target: Rs 152
- Stop‑loss: Rs 137
Tata Consultancy Services (CMP: Rs 3,246.8)
- Why it matters: The stock found support at its short‑term moving average and is showing a gradual recovery.
- Buy strategy: Look for price staying above Rs 3,190.
- Target: Rs 3,380
- Stop‑loss: Rs 3,190
TVS Motor Company (CMP: Rs 3,634.6)
- Why it matters: After a sharp rise, the stock paused and found support near a demand zone, hinting at a possible uptrend.
- Buy strategy: Keep the trade only if the price stays above Rs 3,510.
- Target: Rs 3,890
- Stop‑loss: Rs 3,510
Bank of Maharashtra (CMP: Rs 60.51)
- Why it matters: Broke a five‑week range on strong volume and is trading above its 20‑day and 50‑day moving averages.
- Buy strategy: Enter above current levels.
- Target: Rs 63.25
- Stop‑loss: Rs 57.25
JSW Steel (CMP: Rs 1,111.6)
- Why it matters: Found support at its 200‑day DEMA and showed a positive RSI divergence, signaling a possible reversal.
- Buy strategy: Buy on any pull‑back near the support.
- Target: Rs 1,165
- Stop‑loss: Rs 1,055
UPL (CMP: Rs 787.35)
- Why it matters: Broke a downward‑sloping trendline on the monthly chart and is above all key moving averages.
- Buy strategy: Look for price staying above Rs 690.
- Target: Rs 875
- Stop‑loss: Rs 690
Indian Bank (CMP: Rs 809)
- Why it matters: After three weeks of consolidation, the stock broke above Rs 797 with higher volume and a MACD crossover.
- Buy strategy: Use dips near Rs 800 as buying points.
- Target: Rs 860
- Stop‑loss: Rs 764
Tata Steel (CMP: Rs 175.8)
- Why it matters: The stock broke above its upper Bollinger Band and the KST indicator turned bullish.
- Buy strategy: Buy on pull‑backs to the Rs 168 mid‑band.
- Target: Rs 184
- Stop‑loss: Rs 168
Jindal Stainless (CMP: Rs 836)
- Why it matters: Closed above the crucial Rs 826 resistance for the first time since July 2024, backed by higher volume.
- Buy strategy: Consider buying on dips near Rs 805.
- Target: Rs 870 – Rs 880
- Stop‑loss: Rs 805
Takeaway
Several banks, IT giants, and industrial stocks are showing bullish technical patterns. Retail investors can use the suggested entry levels, targets, and stop‑losses to manage risk while aiming for upside.
Disclaimer
These ideas are based on technical analysis and are not investment advice. Markets can move quickly, so do your own research and consider your risk tolerance before acting.