The main Indian indexes fell a little more than 0.7% on January 9, and most stocks were down. Below are simple short‑term trade ideas you can use.
Market snapshot
Out of all the shares on the NSE, about 2,317 fell while only 569 went up, showing broad weakness. The market may stay flat after a 2.5% drop last week.
Buy ideas
- Ipca Laboratories (₹1,575)
- Why: Price broke above a key level (₹1,519) with strong volume.
- Strategy: Buy
- Target: ₹1,700 → ₹1,825
- Stop‑loss: ₹1,519
- MTAR Technologies (₹2,689.7)
- Why: Higher highs and higher lows show an uptrend.
- Strategy: Buy
- Target: ₹2,900 → ₹3,000
- Stop‑loss: ₹2,500
- Fortis Healthcare (₹903)
- Why: Forming a "cup‑and‑handle" pattern and staying above the 200‑day EMA.
- Strategy: Buy around ₹890‑₹900
- Target: ₹960
- Stop‑loss: ₹870
- Equitas Small Finance Bank (₹66.87)
- Why: Moving averages are turning bullish and MACD shows buying momentum.
- Strategy: Buy near ₹64
- Target: ₹74 → ₹80
- Stop‑loss: ₹57
- Kalyan Jewellers India (₹506.9)
- Why: Breakout from a symmetrical triangle with higher volume.
- Strategy: Buy around ₹495‑₹500
- Target: ₹545 → ₹560
- Stop‑loss: ₹470
- Asian Paints (₹2,825.5)
- Why: After a big rise, the stock is holding a tight range near ₹2,800, showing strong hands.
- Strategy: Buy
- Target: ₹3,200
- Stop‑loss: ₹2,750
- Lupin (₹2,182.2)
- Why: Long‑term breakout followed by steady buying.
- Strategy: Buy
- Target: ₹2,500 → ₹3,000
- Stop‑loss: ₹2,000
- IDFC First Bank (₹86)
- Why: Cleared a 756‑week cup‑and‑handle pattern with strong volume.
- Strategy: Buy
- Target: ₹100
- Stop‑loss: ₹83
Sell idea
- HDFC AMC (₹2,523.4)
- Why: Price is below all major moving averages, indicating a downtrend.
- Strategy: Sell or exit long positions, consider Jan futures.
- Target: ₹2,460 → ₹2,360
- Stop‑loss: ₹2,600
Disclaimer
These ideas are for informational purposes only. They are not a guarantee of profit, and markets can change quickly. Do your own research and consider your risk tolerance before trading.