Trade Spotlight: Key Considerations for Trading HFCL, Delhivery, Voltas, National Aluminium Company, Hindalco and Other Stocks on April 10.

Market Volatility Persists Amid Global Uncertainty

The Indian stock market experienced a decline of around 1% on April 9, as investors remained cautious due to uncertainty over the Iran ceasefire. This comes after a strong 8% rally in the previous four sessions. Market breadth turned negative, with 1,596 declining shares against 1,376 advancing shares on the National Stock Exchange (NSE).

Traders are advised to exercise caution and watch for any signs of a convincing breakout above Wednesday's high, which could indicate a resumption of the uptrend. In the meantime, here are some short-term trading ideas:

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Jay Mehta, Technical Research at JM Financial Services

• HFCL: This stock has broken out above a Volatility Contraction Pattern (VCP) consolidation and resistance trendline on the daily chart. The breakout was supported by strong volume expansion, confirming solid buyer participation. The price is now trading comfortably above all key EMAs, with upward-sloping averages. The RSI is in bullish territory above 67, while the DMI shows +DI above -DI, with a rising ADX, indicating a strong trending move. The stock is displaying better relative strength compared to both the Nifty 50 and the Nifty 500. Any dips toward Rs 76 should be viewed as buying opportunities. Strategy: Buy, Target: Rs 88, Rs 96, Stop-Loss: Rs 72.
• Delhivery: This stock has broken out above a multi-week sloping channel consolidation, supported by a strong bullish candle and healthy volume buildup. The price is now trading above all key EMAs, with upward slopes. The RSI remains in bullish territory above 67, and the DMI/ADX confirm strengthening trend momentum. The stock exhibits superior relative strength versus the Nifty 50 and the Nifty 500. Any dips toward Rs 448 should be viewed as buying opportunities. Strategy: Buy, Target: Rs 480, Rs 510, Stop-Loss: Rs 428.
• KSB: This stock has broken out above a long-term triangular consolidation. The breakout was backed by rising trading and delivery volumes, indicating increased participation. The price trades comfortably above all key EMAs, with upward slopes. The RSI remains in bullish territory above 65, while the DMI shows +DI above -DI, with a rising ADX, supporting a trending move. Any dips toward Rs 820 should be viewed as buying opportunities. Strategy: Buy, Target: Rs 910, Rs 940, Stop-Loss: Rs 780.

Om Mehra, Technical Research Analyst at Samco Securities

• Voltas: This stock has witnessed a sharp recovery after a steep decline, finding support near recent swing lows. The rebound has been swift, with prices moving back toward the Rs 1,280 zone, indicating a pullback after an extended down move. The stock is currently trading near the middle Donchian band, indicating room for further upside. It is trading above the 9 EMA and moving closer to the 20 EMA. Volumes are showing gradual improvement alongside the price rise. The RSI is placed near 42 and is turning higher, indicating a gradual improvement in momentum. The MACD is on the verge of a bullish crossover. Strategy: Buy, Target: Rs 1,360, Stop-Loss: Rs 1,200.
• Alkem Laboratories: This stock is showing a gradual recovery after the recent decline, with prices moving back toward the Rs 5,350–5,400 zone. The stock has been forming small-bodied candles while inching higher. It is currently trading around the 20-day moving average, while the 50-day moving average, placed higher, continues to act as an overhead hurdle. The RSI is placed near 50 and moving slightly higher, indicating neutral-to-bullish momentum. The MACD is flattening, suggesting that the downward pressure is easing. Strategy: Buy, Target: Rs 5,650, Stop-Loss: Rs 5,230.
• Navin Fluorine International: This stock has been moving in a sideways range over the past few weeks, with prices oscillating between the Rs 5,800 and Rs 6,300 zone. The recent dip toward the lower band of the range has seen a mild recovery, with the stock attempting to stabilise near Rs 6,100–6,150. The stock is currently trading around the middle of the Bollinger Band, indicating a neutral setup in the near term. Volumes have remained largely stable. The RSI is placed near 50 and moving slightly higher, indicating neutral momentum. Strategy: Buy, Target: Rs 6,450, Stop-Loss: Rs 5,850.

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Hitesh Tailor, Technical Research Analyst at Choice Broking

• National Aluminium Company: This stock is showing strength after a confirmed symmetrical triangle breakout on the daily chart. The stock is sustaining above the breakout zone, indicating strong price acceptance and potential continuation of the uptrend. It is trading above key rising EMAs, reflecting a well-established bullish structure. Both daily and weekly setups remain constructive, with the RSI holding above 50 and trending higher on the weekly timeframe, signaling sustained momentum. Strategy: Buy, Target: Rs 450, Stop-Loss: Rs 390.
• MCX India: This stock is exhibiting a strong technical structure, trading above key moving averages that are trending upward, indicating a well-established bullish trend. The stock is also respecting a rising trendline support, reflecting sustained buying interest on dips and a healthy price structure. Price action indicates the formation of an ascending triangle pattern, with horizontal resistance near recent highs and higher lows forming beneath it—signaling accumulation and potential breakout strength. Strategy: Buy, Target: Rs 2,900, Stop-Loss: Rs 2,525.
• Hindalco Industries: This stock is exhibiting strong price action after a decisive range breakout on the daily chart, supported by a strong bullish candlestick formation. The stock has witnessed a sharp upside rally after finding firm support above the 200-day EMA, indicating a continuation of the prevailing uptrend. Momentum indicators further reinforce the bullish bias, with the RSI showing a strong reversal from oversold territory and trending higher. The broader trend remains intact, suggesting continuation of the upmove. Strategy: Buy, Target: Rs 1,080, Stop-Loss: Rs 935.