Nifty Inches Higher Amid Patchy Breadth; Analysts Flag 8 Trades

Indian equity benchmarks extended gains for a second session on July 30, with the Nifty ending 0.3 per cent higher even as declining shares outnumbered advancers nearly two to one. Despite the weak market breadth, the overall trend remains bullish and indices could retest their previous swing highs, according to technical analysts.

Against this backdrop, research desks at JM Financial Services, Samco Securities and Choice Broking published short-term trading calls on eight stocks: Action Construction Equipment, JK Cement, Alkem Laboratories, Blue Jet Healthcare, CreditAccess Grameen, State Bank of India, Minda Corporation and Hero MotoCorp. Each recommendation is backed by a classical chart pattern, supported by volume and momentum indicators, with defined entry, target and stop-loss levels.

Why Charts Are Flashing Buy for These Stocks

Breakout Patterns Dominate the Selection

Several picks share the theme of a recent breakout from a prolonged consolidation or reversal pattern. Action Construction, JK Cement and Alkem Laboratories have all cleared inverse head-and-shoulders or long-term trendline resistance on robust volumes, suggesting accumulation and a shift from sideways to trending price behaviour. CreditAccess Grameen’s ascent above the Rs 1,600 zone completes an ascending triangle, a pattern that typically projects a measured move higher.

Momentum and Moving Averages Reinforce the Bullish View

In every call, the price is described as trading above all key moving averages – a sign of alignment across short-, medium- and long-term timeframes. The Relative Strength Index for most names sits between 60 and 68, staying in an upper range that points to sustained momentum without immediate overbought risk. Blue Jet Healthcare and Minda Corporation exhibit bullish flag structures, which are continuation patterns formed near recent highs after a prior sharp rally. State Bank of India’s bullish engulfing candle and fresh MACD crossover, combined with Hero MotoCorp’s break above the 200-day DEMA, round out a set of trades where technicians see both trend and momentum on their side.

The Eight Trades at a Glance

The following trading strategies, based on the analysts’ views, are for short-term traders. All are buy calls at current market price (CMP) with clearly mentioned stop-losses and targets.

  • Action Construction Equipment (CMP Rs 1,057.2): Buy. Targets Rs 1,120 / Rs 1,200. Stop-loss Rs 999.
  • JK Cement (CMP Rs 5,567): Buy. Targets Rs 5,970 / Rs 6,224. Stop-loss Rs 5,515.
  • Alkem Laboratories (CMP Rs 5,816.5): Buy. Targets Rs 6,140 / Rs 6,390. Stop-loss Rs 5,580.
  • Blue Jet Healthcare (CMP Rs 612.45): Buy. Target Rs 660. Stop-loss Rs 585.
  • CreditAccess Grameen (CMP Rs 1,614): Buy. Target Rs 1,720. Stop-loss Rs 1,555.
  • State Bank of India (CMP Rs 1,025.3): Buy. Target Rs 1,085. Stop-loss Rs 992.
  • Minda Corporation (CMP Rs 706.9): Buy. Target Rs 770. Stop-loss Rs 670.
  • Hero MotoCorp (CMP Rs 5,325): Buy. Target Rs 5,750. Stop-loss Rs 5,100.

These are technical views only; traders should manage risk strictly and consult a certified adviser if needed.