The benchmark indices fell nearly 1 percent on April 22 despite positive market breadth. A total of 1,727 shares advanced against 1,226 declining shares on the National Stock Exchange. The market may consolidate further, with a focus on oil prices and progress in potential Iran peace talks. Below are some short-term trading ideas to consider:
Vaishali Patel, Senior Analyst at Jainam Broking
Orkla India | CMP: Rs 650.15
Orkla India has given a horizontal resistance breakout on the daily chart, suggesting rising optimism around the stock. Besides, it has been trading in a higher high–higher low formation and is also sustaining above the 50 DMA, confirming an improving trend.
The RSI is well placed in the bullish zone, indicating strengthening positive momentum. On the upside, the stock may move towards Rs 690–700, while immediate support is placed at Rs 620. A fall below Rs 624 could weaken sentiment again.
Strategy: Buy
Target: Rs 690, Rs 700
Stop-Loss: Rs 620
Ashok Leyland | CMP: Rs 178.97
Ashok Leyland has confirmed a breakout from an Inverted Head & Shoulders pattern on the daily chart—a classic reversal formation that signals the end of a corrective phase and the onset of renewed bullish momentum. The stock is currently trading above both its 20-day and 50-day EMAs, reinforcing a positive price structure across the near to medium term.
Notably, the Relative Strength Index (RSI) is holding above the 55 level, suggesting that buying momentum is building without entering overbought territory—a healthy condition that typically precedes further upside.
Strategy: Buy
Target: Rs 195
Stop-Loss: Rs 170
Cochin Shipyard | CMP: Rs 1,583.1
Cochin Shipyard has broken out of a long-term downward trend and successfully retested the trendline. This trendline is now acting as support, which could indicate a shift from a lower high–lower low structure to a higher high–higher low formation.
It is trading just above the 200-day EMA, and sustaining above this level will further strengthen the bullish outlook. The RSI is around 65, and volumes are increasing, indicating improving momentum and a positive bias.
Strategy: Buy
Target: Rs 1,748
Stop-Loss: Rs 1,502
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities
Samvardhana Motherson International | CMP: Rs 131.76
Samvardhana Motherson International has finally broken out of its tight Rs 126–121 consolidation range, backed by a strong surge in volumes over the past two sessions, signalling aggressive buying interest. Momentum is clearly building, with RSI sustaining above 60 and trending higher. The close above the upper Bollinger Band reflects expanding volatility, often a precursor to a sharp move.
Overall, the setup points towards strengthening bullish momentum, with the potential for continued upside in the near term. Hence, the stock is recommended for accumulation in the Rs 133–130 zone, with a stop-loss at Rs 126. On the upside, it is likely to test Rs 142 in the short term.
Strategy: Buy
Target: Rs 142
Stop-Loss: Rs 126
Karur Vysya Bank | CMP: Rs 300.45
Karur Vysya Bank has given a Symmetrical Triangle breakout backed by rising volumes, signalling sustained buying interest. Momentum indicators are aligning positively, as RSI confirms a downward-sloping trendline breakout, hinting at strengthening bullish sentiment.
Additionally, the DI+ crossing above DI- on the ADX reflects clear buyer dominance. The overall structure suggests the stock is gearing up for a continued uptrend, with bullish momentum likely to persist. Hence, the stock is recommended for accumulation in the Rs 302–299 zone, with a stop-loss at Rs 290. On the upside, it is likely to test Rs 325 in the short term.
Strategy: Buy
Target: Rs 325
Stop-Loss: Rs 290
National Aluminium Company | CMP: Rs 435.95
National Aluminium Company continues to exhibit strong bullish characteristics, consistently finding support at its 50-day EMA since mid-February, highlighting sustained buying interest. The sharp 26 percent rally from the March 23 low of Rs 347 underscores robust demand.
Adding to this, the rising ratio line in the Nifty Metal/Nifty ratio chart signals clear sectoral outperformance. Trend strength remains intact, with a rising ADX, while the RSI bouncing back from the 60 level indicates renewed momentum. Overall, the setup points towards a strong and continuing bullish trend. Hence, the stock is recommended for accumulation in the Rs 436–432 zone, with a stop-loss at Rs 420. On the upside, it is likely to test Rs 470 in the short term.
Strategy: Buy
Target: Rs 470
Stop-Loss: Rs 420
Rupak De, Senior Technical Analyst at LKP Securities
Siemens Energy India | CMP: Rs 3,188.2
Siemens Energy has given a swing high breakout on the daily timeframe, suggesting rising optimism around the stock. The stock has been sustaining above its critical short-term moving averages, confirming an ongoing uptrend.
The RSI is in a bullish crossover and trending higher, indicating improving price momentum. The short-term trend is likely to remain strong, potentially taking it towards Rs 3,500. On the downside, support is placed at Rs 3,030.
Strategy: Buy
Target: Rs 3,500
Stop-Loss: Rs 3,030
Navin Fluorine International | CMP: Rs 6,267
Navin Fluorine International has given a falling channel breakout on the daily timeframe, indicating rising optimism around the stock. Additionally, the stock has been sustaining above its key short-term moving averages, confirming an ongoing uptrend.
The RSI has given a consolidation breakout and is currently in a bullish crossover, pointing to improving price momentum. The short-term trend is likely to remain strong, potentially taking it towards Rs 6,600. On the downside, support is placed at Rs 6,150.
Strategy: Buy
Target: Rs 6,600
Stop-Loss: Rs 6,150
Edelweiss Financial Services | CMP: Rs 121.98
Edelweiss Financial has given a flag pattern breakout on the daily chart. The RSI is in a bullish crossover and trending higher. Additionally, the price has been sustaining above the 50 EMA. The short-term trend is likely to remain strong, potentially taking it towards Rs 135. On the downside, support is placed at Rs 116.40.
Strategy: Buy
Target: Rs 135
Stop-Loss: Rs 116.40
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.