Investors looking for trading ideas on Tuesday, January 6, 2026, received specific recommendations from a market expert. Somil Mehta, who heads Alternate Research and Capital Market Strategy at Mirae Asset Sharekhan, has identified three stocks that appear poised for an upward move based on technical charts.
Detailed Technical Outlook for Recommended Stocks
The analysis provided by Mehta includes precise entry points, stop-loss levels, and price targets for each scrip, offering a clear risk-reward framework for traders.
Prestige Estates Projects: Eyeing a Breakout
Prestige Estates Projects Limited is suggested as a 'Buy' in the price band of Rs 1671 to Rs 1672. For risk management, a stop loss is placed at Rs 1550, while the anticipated target price is Rs 1900.
The technical rationale indicates the stock has broken out of an Ending Diagonal pattern above its short-term averages. It is now also breaking above its 20-day and 40-day daily moving averages, finding solid support at the 200-day moving average around Rs 1595. This setup suggests a resumption of the prior uptrend. Momentum indicators are flashing positive signals, confirming underlying strength. Key levels to watch include resistance at Rs 1760 and support at Rs 1583.
Great Eastern Shipping: Triangle Pattern Breakout
For Great Eastern Shipping Company Ltd (GESHIP), the recommendation is to buy between Rs 1126 and Rs 1127. Investors should protect their capital with a stop loss at Rs 1050, aiming for a target of Rs 1280.
The stock's chart shows it has been forming a small triangle pattern while trading above its 20-day and 40-day moving averages. A breakout from this pattern is expected to restart the upward trend. Momentum indicators have given a positive crossover above the zero line, adding to the bullish case. Notably, the share price has already broken a falling trendline, supported by the 20-day moving average at Rs 1108. Immediate resistance is seen at Rs 1155, with support at Rs 1087.
Nuvama Wealth: Poised for a Range Breakout
The third pick is Nuvama Wealth Management Ltd, with a 'Buy' call in the range of Rs 1492 to Rs 1493. The suggested stop loss is Rs 1390, and the target is set at Rs 1650.
Nuvama has been consolidating within a broad range over the past month, consistently holding above its 20-day and 40-day moving averages. The expectation is for the stock to soon break out above this consolidation zone. Momentum indicators support this view, showing strength via a positive crossover. The price has recently moved above the 20-day moving average, which stands at Rs 1461. The key resistance level to conquer is Rs 1555, while Rs 1440 acts as a crucial support floor.
Important Disclaimer for Investors
It is crucial for market participants to note that these recommendations and views are solely those of the expert, Somil Mehta. They do not represent the views of The Times of India or its editorial team. All stock market investments carry inherent risks, and past performance is not indicative of future results. Investors are strongly advised to consult with certified financial advisors and conduct their own thorough research before making any investment decisions.
