On a day when Indian equity benchmarks slipped four-tenths of a percent and falling stocks outnumbered rising ones by roughly three to one, the market's mood tilted toward caution. Into that quiet unease, a set of analysts from Anand Rathi, ICICI Securities and GEPL Capital offered their short-term readings of charts, open interest and moving averages, each a bet on which way prices might bend next. Such calls are a familiar ritual of markets, where hope and skepticism are priced in real time, and where every recommended entry carries its own target and its own limit of loss.
Trade Spotlight: Analysts Flag Buy and Sell Setups in Tata Elxsi, Colgate, Shriram Finance and Others for January 20
Weak breadth, yet most analysts still lean long
Mark
Eleven stocks, three analysts. What's the common thread?
Mimi
Mostly trend-following. Trendline breakouts, moving-average crossovers, MACD above zero. Nine of the eleven calls are buys.
Mark
And the market fell 0.4% on the day?
Mimi
Yes, with about 2,190 NSE shares down against 728 up. Yet the ideas lean long.
Luke
Worth noting that's a tension, not a contradiction. The expectation is only consolidation within last week's range, not a rally.
Mark
Colgate and Mankind both involve the Rs 2,200 strike. Why?
Mimi
Thakkar uses options data. For Colgate, a close above Rs 2,200 could add momentum. For Mankind, it's the level the stock needs to cross to change the weak picture.
Luke
Be careful, though. The short-covering reading comes from falling open interest, which is an inference. The article doesn't show the data itself.
Mark
Any hint about sector view?
Mimi
In IT, Thakkar says big caps still carry heavy shorts while HCL Tech is outperforming.
Luke
And none of this is endorsed by Moneycontrol. Targets and stops are the analysts' own, and nothing here shows how often such calls work.
Le Pouls
- Breadth broke sharply the wrong way, with about 2,190 NSE shares falling against just 728 rising on January 19.
- Benchmarks dipped 0.4%, leaving traders wary of whether the slide will deepen or stall.
- Analysts are hunting for entry points, using trendline breakouts, moving-average crossovers and MACD signals to find footing.
- Stop-losses are set tight on every call, such as Rs 2,300 for Balkrishna and Rs 5,200 for Tata Elxsi, showing how fragile the setups feel.
- The near-term destination is a range-bound session on January 20, with the open question being whether weak breadth persists.
On a day when Indian equity benchmarks slipped four-tenths of a percent and falling stocks outnumbered rising ones by roughly three to one, the market's mood tilted toward caution. Into that quiet unease, a set of analysts from Anand Rathi, ICICI Securities and GEPL Capital offered their short-term readings of charts, open interest and moving averages, each a bet on which way prices might bend next. Such calls are a familiar ritual of markets, where hope and skepticism are priced in real time, and where every recommended entry carries its own target and its own limit of loss.
Indian equity benchmarks closed lower by four-tenths of a percent on January 19, and the internals were lopsided. About 2,190 NSE shares fell while only 728 rose, keeping the bears in control through the session. Traders are expecting consolidation on January 20, with prices staying inside the previous week's range.
Against that backdrop, analysts from Anand Rathi, ICICI Securities and GEPL Capital released short-term trade ideas, mostly long positions built on technical signals. Each carries a target and a stop-loss. Jigar Patel of Anand Rathi backed Bajaj Auto, Balkrishna Industries and Tata Elxsi, reading pullbacks and retests as buying opportunities. Jay Thakkar of ICICI Securities leaned on open interest data, seeing short covering in Colgate Palmolive and HCL Technologies, while flagging a short build-up in Mankind Pharma. Vidnyan Sawant of GEPL Capital favoured longer-term structures in Shriram Finance, Canara Bank, Bharat Electronics and CCL Products.
These are the analysts' own views, not Moneycontrol's, and readers are advised to consult certified experts before acting. The key test for January 20 is whether the market holds its range or whether the weak breadth deepens.
Indian equity benchmarks closed lower by four-tenths of a percent on January 19, and the day's internals were lopsided. On the NSE, about 2,190 shares declined while 728 advanced, a breadth reading that kept the bears in charge through the session. The expectation heading into January 20 is for consolidation, with the market trading inside the previous week's range.
Against that backdrop, analysts from Anand Rathi, ICICI Securities and GEPL Capital put out short-term trade ideas. Most are long positions built on technical signals, and each comes with a target and a stop-loss.
Jigar S Patel of Anand Rathi offered three buy calls. Bajaj Auto, at Rs 9,429.5, is in a pullback after breaking above a long-term falling trendline. He cites the positive DMI line in control, ADX above 20 and MACD above zero, and sees the dip as an opportunity. He suggests entry at Rs 9,450–9,400, a target of Rs 10,200 and a stop at Rs 9,000. Balkrishna Industries, at Rs 2,431.6, has seen a bullish crossover of its 9- and 26-DEMA, a trendline breakout, a DMI crossover and MACD moving above zero. Entry is Rs 2,410–2,400, target Rs 2,600, stop Rs 2,300. Tata Elxsi, at Rs 5,563, has retested its breakout zone with volumes picking up at lower levels, and ADX is holding above 25. He suggests Rs 5,600–5,500 for entry, a target of Rs 6,250 and a stop at Rs 5,200.
Jay Thakkar, who heads derivatives and quant research at ICICI Securities, drew on open interest and options data. In Colgate Palmolive India, at Rs 2,178, a trendline breakout came with falling open interest, which he reads as short covering. The stock had been heavily shorted and had fallen nearly 50 percent from its all-time high, and he sees positive divergence on daily and weekly charts. The Rs 2,200 strike carries the highest Call base. He recommends buying futures at Rs 2,170–2,190, targeting Rs 2,250 and Rs 2,300, with a stop at Rs 2,120.
His one sell call is Mankind Pharma, at Rs 2,117.2. The stock has been making lower tops and lower bottoms, and rising open interest points to short build-up. A bounce a few weeks ago was largely short covering, after which the downtrend resumed. The Rs 2,200 strike has a huge Call base and is also the maximum pain level, and the stock sits well below it. Thakkar advises selling futures at Rs 2,120–2,140, with targets of Rs 2,060 and Rs 2,020 and a stop at Rs 2,180.
He is also bullish on HCL Technologies, at Rs 1,716.8, which has risen since its Q3 results while open interest fell, again suggesting short covering. He notes that large-cap IT names such as Wipro, TCS and Infosys still carry substantial short positions, and that midcap IT has outperformed large caps. HCL Tech has stood out among large caps with higher tops and bottoms. A close above Rs 1,720, the highest Call base, could take it toward Rs 1,800. He suggests buying futures at Rs 1,700–1,720, targeting Rs 1,760 and Rs 1,800, with a stop at Rs 1,645.
Vidnyan S Sawant, Head of Research at GEPL Capital, gave four buy ideas, mostly on longer-timeframe structure. Shriram Finance (Rs 1,010.35) sits above its 12- and 26-week EMAs with MACD rising; target Rs 1,081, stop Rs 970. Canara Bank (Rs 156.86) broke out above multi-year swing highs from 2010 and 2024 during the October series and holds above its 12-, 26- and 50-period DEMA; target Rs 172, stop Rs 150. Bharat Electronics (Rs 412.8) has been in an uptrend since 2020, and its recent corrections have stayed contained near 4 percent; target Rs 447, stop Rs 400. CCL Products India (Rs 983.75) has also trended up since 2020, bounced from its 26-week EMA and reversed from 2025 gap support; target Rs 1,101, stop Rs 944.
These are the analysts' own views, not Moneycontrol's, and the publication advises checking with certified experts before acting. What to watch on January 20 is whether the market stays within last week's range, as expected, or whether the weak breadth carries on.
Citations marquantes
Colgate Palmolive had fallen nearly 50 percent from its all-time high and carried heavy short positions; the risk-to-reward favours the bulls.— Jay Thakkar, ICICI Securities
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