Indian Stock Market Sees Significant Rebound
The Indian stock market has bounced back, with equity benchmarks rising over half a percent after a three-session correction. The market breadth has also turned positive, with 1,746 shares gaining compared to 1,081 declining shares on the NSE. This rebound is expected to gain further strength if the benchmarks reclaim the 20-day Simple Moving Average (SMA).
Top Trading Ideas
Here are some short-term trading ideas to consider:
- PB Fintech: This stock has shown a strong bullish structure on the daily chart, with a decisive breakout above a year-long descending trendline. The price action remains above the 20-DEMA, indicating strong short-term momentum. Strategy: Buy, Target: Rs 2,120, Stop-Loss: Rs 1,860
- Century Plyboards: The stock has displayed a strong bullish structure, with a confluence of breakout signals on the daily chart. The price action has been consistently forming higher highs and higher lows, reflecting sustained bullish control. Strategy: Buy, Target: Rs 915, Stop-Loss: Rs 800
- Grasim Industries: This stock is approaching a crucial bullish inflection zone, with a well-defined rounded-base structure over the last several weeks. The price has stabilized above the 200-DEMA, indicating strong underlying trend support. Strategy: Buy, Target: Rs 2,950, Stop-Loss: Rs 2,715
- Dr Reddy’s Laboratories: The stock has shown clear signs of strength, with a strong bullish closing candle. The price action has developed a descending triangle pattern, and a decisive break above the trendline resistance near Rs 1,280 may signal the beginning of the next upside leg. Strategy: Buy, Target: Rs 1,360, Stop-Loss: Rs 1,225
- Bajaj Auto: The stock has given a sideways range breakout followed by a successful retest, indicating renewed strength and steady accumulation. A decisive break above the immediate resistance around Rs 9,100 would confirm bullishness and potentially trigger the next leg of upward momentum. Strategy: Buy, Target: Rs 9,700, Stop-Loss: Rs 8,700
- Lupin: The stock has been taking steady support and is moving in a clear higher-high, higher-low structure, indicating sustained bullish momentum. The price action remains positive, with the stock trading comfortably above the key 20, 50, 100, and 200 EMAs. Strategy: Buy, Target: Rs 2,280, Stop-Loss: Rs 1,980
- AIA Engineering: The stock has built a solid base in the Rs 3,050–3,400 zone, with a clear double bottom and strong positive RSI divergence. A move above Rs 3,835 should trigger the next strong leg higher. Strategy: Buy, Target: Rs 3,980, Rs 4,200, Stop-Loss: Rs 3,385
- Zydus Lifesciences: The stock remains under pressure, trading below all key EMAs inside a well-defined downward-sloping channel. The daily and weekly RSI are both below 50 and declining, with every minor bounce meeting stiff selling near the 20-day EMA. Strategy: Sell, Target: Rs 900, Rs 885, Stop-Loss: Rs 954
Conclusion
The Indian stock market has rebounded, and these trading ideas and targets can help investors make informed decisions. It's essential to keep a close eye on the market trends and adjust your strategy accordingly.