Trading Ideas: Expert Recommendations for Marico, Wipro, CG Power, Britannia, Ashok Leyland, and More on December 16

Following a two-day rally, Indian equity benchmarks experienced a moderate downturn on December 15, with the Nifty 50 index declining by 20 points. Market sentiment leaned slightly bullish, as approximately 1,488 stocks advanced compared to 1,363 that declined. Analysts anticipate continued consolidation and range-bound trading until the market decisively surpasses the falling resistance trendline. Several short-term trading opportunities are outlined below.

**Jay Thakkar, ICICI Securities**

**Marico (CMP: Rs 737.65)**

Marico's stock price has fluctuated between Rs 770 and Rs 715 in recent weeks. That said, the reality is a bit more complicated. the overall outlook remains positive, supported by increased long positions, suggesting that the recent correction was driven by profit-taking rather than the establishment of new short positions. This increases the likelihood of an upward breakout. The stock's closing price above its maximum pain level of Rs 730 indicates a potentially bullish trend in the near term. Traders might consider buying Marico futures within the Rs 735–740 range.

• Strategy: Buy
• Target: Rs 770, Rs 790
• Stop-Loss: Rs 715

**Wipro (CMP: Rs 261.75)**

Wipro's stock has been trending upward, mirroring the positive short-term trend observed in the Nifty IT index. Short covering has been noted in the stock, and large-cap stocks generally have also experienced short covering, signaling a favorable short-term outlook. With the highest call base at Rs 260, the stock has successfully closed above this level. Consider a buying range of Rs 260–263 for Wipro shares.

• Strategy: Buy
• Target: Rs 275
• Stop-Loss: Rs 250

**UltraTech Cement (CMP: Rs 11,728)**

UltraTech Cement appears to have concluded its short-term correction phase. The stock has broken above the uptrend line, accompanied by an increase in open interest, indicating the establishment of new long positions. The previous decline was attributed to the unwinding of long positions, followed by a slight increase in short positions. The stock seems poised to resume its upward trajectory. Traders may explore buying UltraTech Cement in the range of Rs 11,700–11,750.

• Strategy: Buy
• Target: Rs 12,500
• Stop-Loss: Rs 11,450

**Jigar S Patel, Anand Rathi**

**CG Power Industrial Solutions (CMP: Rs 670.15)**

Following a sharp decline, CG Power formed a bullish engulfing pattern on December 9, potentially signaling a trend reversal. The trading volume during this session was robust, exceeding the average, which reinforces the pattern's significance. The stock is also maintaining its position near a crucial trendline support level, further strengthening its technical structure. The MACD histogram displays a bullish divergence, coupled with a bullish crossover between the MACD and the signal line. This combination of indicators suggests increasing momentum and raises the probability of an imminent upward movement in the stock. Consider initiating long positions within the Rs 670–660 range.

• Strategy: Buy
• Target: Rs 730
• Stop-Loss: Rs 634

**Britannia Industries (CMP: Rs 6,038)**

Britannia has shown significant consolidation within the Rs 5,750–6,000 range, aligning with the 20-, 50-, and 100-day EMA levels, suggesting a robust support base. Additionally, a breakout above the Ichimoku cloud is apparent, indicating a potential shift in trend. Throughout this consolidation period, the RSI has consistently remained above the 50 level, reflecting inherent strength and a bullish momentum bias. Overall, the convergence of these technical signals points to an improving price structure and increases the likelihood of further gains in the near future. Traders might consider establishing long positions in the Rs 6,050–6,000 range, targeting Rs 6,400.

• Strategy: Buy
• Target: Rs 6,400
• Stop-Loss: Rs 5,800

**Vidnyan S Sawant, GEPL Capital**

**Ashok Leyland (CMP: Rs 166.82)**

Ashok Leyland demonstrates strong relative performance compared to both the Nifty Auto index and the broader market. The weekly chart reveals a pattern of higher tops and higher bottoms, and the stock has broken out of its rising channel from 2021, indicating an acceleration of the existing trend. The upward-trending MACD further validates sustained bullish momentum.

• Strategy: Buy
• Target: Rs 178
• Stop-Loss: Rs 160

**Netweb Technologies India (CMP: Rs 3,331.2)**

Netweb Technologies exhibited a bullish mean reversion from the 26-week EMA in the prior week, which also coincides with the 50% Fibonacci retracement level, reinforcing the strength of the support zone. The stock has broken out of a falling wedge pattern on the daily chart, further solidifying the bullish perspective. The Stochastic indicator has also triggered a bullish crossover, suggesting a potential increase in momentum moving forward.

• Strategy: Buy
• Target: Rs 3,700
• Stop-Loss: Rs 3,200

**UPL (CMP: Rs 765.65)**

UPL maintains a pattern of higher tops and higher bottoms on longer timeframes and remains comfortably above its key 12-week and 26-week EMAs, indicating a strong and positive trend. The stock has broken out of a flag-and-pole pattern on the daily chart, signaling a continuation of the existing trend. Momentum remains supportive, with an RSI of 64, reinforcing the sustained bullish outlook.

• Strategy: Buy
• Target: Rs 818
• Stop-Loss: Rs 734

**Gujarat Pipavav Port (CMP: Rs 191.21)**

Gujarat Pipavav Port is trading consistently above its key 12-week and 26-week EMAs, maintaining a solid upward trend and exhibiting strong relative strength. The stock is forming a sequence of higher bottoms on the daily timeframe, suggesting healthy accumulation. The MACD is trending upwards, further supporting the sustainability of the bullish trend.

• Strategy: Buy
• Target: Rs 207
• Stop-Loss: Rs 184

*Disclaimer: Investment tips are those of the experts quoted and do not reflect the views of the website or its management. Consult a qualified financial advisor before making investment decisions.*