Market Update

Key Points

• The Nifty 50 benchmark index fell by 1.55% for the third consecutive session, with participants remaining cautious amid the US-Iran conflict.
• Market breadth remained in favor of bears, with 2,439 shares declining compared to 525 advancing shares on the NSE.

Short-Term Trading Ideas

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Chennai Petroleum Corporation (CMP: Rs 999.9)

• The stock has been moving in a higher highs and higher lows formation on the daily chart, indicating sustained bullish momentum.
• Prices have broken above the upper Bollinger Band, signaling strong momentum.
• The RSI is trading around 68, indicating strengthening bullish momentum.
• Strategy: Buy
• Target: Rs 1,050
• Stop-Loss: Rs 930

Balrampur Chini Mills (CMP: Rs 491.7)

• The stock broke above the resistance zone of Rs 470–475, with significant increase in volumes.
• Prices have closed above this zone, which is a significant positive development.
• Follow-up buying is required for confirmation.
• Strategy: Buy
• Target: Rs 530
• Stop-Loss: Rs 455

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

National Aluminium Company (CMP: Rs 373.5)

• The stock has been consolidating within a narrow range of Rs 334–364 over the past three weeks, indicating a phase of accumulation.
• The MACD indicator has given a bullish crossover, with the MACD line moving above the signal line.
• Strategy: Buy
• Target: Rs 415
• Stop-Loss: Rs 360

Coal India (CMP: Rs 435.15)

• The stock is showing strong bullish momentum and is on the verge of a fresh breakout from a falling trendline.
• Momentum indicators and oscillators continue to remain in buy mode.
• Strategy: Buy
• Target: Rs 460
• Stop-Loss: Rs 419

Bharat Heavy Electricals (CMP: Rs 247.9)

• The stock has broken down below its 200-DMA and has witnessed persistent selling pressure at higher levels.
• Momentum indicators also reflect weakness, with the RSI falling below 40.
• Strategy: Sell
• Target: Rs 228
• Stop-Loss: Rs 260