Trade Focus: April 9 Stock Market Outlook for Manappuram Finance, Polycab India, Titan Company, Union Bank, Indus Towers and Other Key Stocks

Market Extends Uptrend for Fifth Consecutive Session

Equity benchmarks soared nearly 4 percent on April 8, extending the uptrend for the fifth consecutive session following the US-Iran ceasefire deal. The market breadth was strong, with 2,795 shares advancing against 250 declining shares on the NSE. The market may consolidate with range-bound trading in the upcoming session, especially after the sharp rally.

Short-term Trading Ideas

Several stocks have emerged as potential buying opportunities, backed by their technical setups. Here are some short-term trading ideas to consider:

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Manappuram Finance

Manappuram Finance has witnessed a strong rebound after finding support around the Rs 245 level, forming a potential double bottom pattern. It has also broken out above a falling trendline and reclaimed its short-term 21-DMA, currently placed near Rs 258. Momentum indicators further reinforced the positive bias, with the RSI moving above the 50 mark and the MACD indicating a bullish crossover.

Polycab India

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Polycab India has formed a triple bottom pattern and witnessed a strong pullback, supported by a short-covering rally. It has also moved above all key short-term and long-term moving averages, indicating a strengthening price structure. Momentum indicators further support the positive outlook, with the MACD generating a fresh buy crossover and the RSI moving above the 50 mark.

Titan Company

Titan Company has given a falling channel breakout on the daily chart, backed by a strong surge in volumes, lending credibility to the move. Momentum indicators remain supportive, with the RSI trending higher and DI+ crossing above DI- signals a positive directional bias.

Union Bank of India

Union Bank of India has broken out decisively from its Rs 163–183.5 consolidation range, signalling the start of a fresh bullish phase. The DI+ crossing above DI- highlights a clear shift in control toward the bulls, while the RSI turning higher reflects strengthening momentum.

APL Apollo Tubes

APL Apollo Tubes has staged a strong breakout from its Rs 1,834–2,025 consolidation range on the daily chart. The RSI, which was hovering near 40, has seen a sharp uptick, signalling a revival in bullish momentum. Notably, the stock held firmly above its 200-day EMA during the consolidation, reflecting underlying strength.

Mahanagar Gas

Mahanagar Gas has given a consolidation breakout on the daily chart, suggesting a rise in optimism. It has moved above the 21 EMA, confirming an improving trend. The RSI has also moved out of the oversold zone, indicating strengthening positive momentum.

Motilal Oswal Financial Services

Motilal Oswal Financial Services has given a consolidation breakout, suggesting a rise in optimism. It has moved above the 50-DMA, confirming an improvement in the trend. The RSI has developed positive divergence on the daily chart.

Indus Towers

Indus Towers has given a downward consolidation breakout on the daily chart, suggesting a rise in optimism. Besides, it has moved above the 50 EMA, confirming an improving trend. The RSI has also moved out of consolidation, indicating strengthening positive momentum.