Equity benchmarks bounced back to gain 0.6 percent on July 1 after a two-day correction, according to reports from Moneycontrol. Market breadth favoured the bulls, with about 1,647 shares advancing against 1,354 declining shares on the NSE. The market may extend its upward journey, but sustainability will be the key factor to watch amid the ongoing range-bound trade. Below are some short-term trading ideas to consider for the current market conditions.
Paytm closed at its highest level in several sessions, indicating strengthening bullish sentiment, as reported by LKP Securities. The RSI remains in a positive crossover and continues to trend higher, reflecting sustained positive momentum. The stock is holding above the crucial 50-day EMA, reaffirming the strength of the prevailing uptrend. Based on the current technical setup, the stock appears well-positioned for a meaningful upmove, with the potential to rally towards ₹1,300 in the near term. On the downside, a stop-loss should be maintained below ₹1,160.
Marico has given a swing-high breakout on the daily chart, indicating strengthening buying interest and improving bullish sentiment, according to LKP Securities. The trend remains positive as the stock continues to sustain above the crucial 50-day EMA, reinforcing the underlying strength. Additionally, the momentum oscillator is in a bullish crossover, suggesting positive price momentum. Based on the current technical setup, the stock appears well-positioned for a meaningful upmove, with the potential to rally towards ₹900 in the near term. Aptus Value Housing Finance India has given a consolidation breakout on the daily chart, indicating strong buying momentum, with the potential to rally towards ₹305 in the near term, as reported by LKP Securities.
DLF Limited has emerged as a top pick from Religare Broking's latest recommendations, with the stock trading at ₹648.70 and a target of ₹693 with a stop-loss at ₹623. The realty sector is showing renewed strength after a phase of underperformance, with DLF moving in line with the trend. The stock has formed a strong base near the 100 percent Fibonacci extension level at the lower end of its corrective phase and broken out of a triangle pattern, indicating a potential reversal from a downtrend to an uptrend. L&T Finance Limited is recommended at ₹312.70 with a target of ₹335 and stop-loss at ₹301, having registered a decisive breakout above a declining trendline and reclaiming key moving averages. One 97 Communications Limited is suggested at ₹1,203.70 with a target of ₹1,310 and stop-loss at ₹1,150, having formed a strong base above the neckline support and witnessed a fresh breakout from a Cup & Handle pattern.
Lodha Developers has confirmed a strong bullish breakout after moving above an ascending triangle pattern on the daily chart, signalling the continuation of its prevailing uptrend, according to SBI Securities. Momentum has strengthened considerably, with the RSI breaking above the 60 mark, indicating sustained buying interest and improving bullish momentum. The stock has closed above the upper Bollinger Band, a characteristic often associated with strong trending moves. Accumulation is recommended in the ₹985-995 zone with a stop-loss at ₹955, targeting ₹1,065 in the short term. HDFC AMC has turned decisively bullish after breaking above a downward-sloping trendline, with the potential to test ₹2,945 in the short term, as reported by SBI Securities. DLF has strengthened its bullish setup after confirming a double-bottom breakout on June 15, followed by a healthy consolidation phase, with accumulation recommended in the ₹645-650 zone and a stop-loss at ₹625, targeting ₹700 in the short term.
